Meeting Postponed, No Output Increase Agreed

Appears that the significant disagreements between Saudi Arabia, the UAE, and Russia require more time to hash out, with the OPEC+ ministers meeting postponed with no resumption time set. With no full conclusion to the meeting, at present the situation appears to mean that no increase in oil output has been agreed to as yet.

• Roger Diwan at IHSMarkit tweets: "Well, we got the logical answer. now, diplomacy+ fact on the grounds will occur. At the end of the day, the UAE has decided that this was the time to remove the band aid and move to implement another stage of its energy policy. i would watch carefully Saudi nominations later this week, and could signal a more aggressive approach if this is not resolved by then. Same for the UAE. the main issue here is that the UAE has reached escape velocity in term of its oil strategy, and its price vs volume equation. Saudi Arabia has not. the UAE can now be focused on the stranded asset issue that the energy transition creates. Saudi not yet."
• Wires and social media reporting that time is required for JMMC+ chairs to discuss the position of the UAE with relation to proposed production hikes, and that the UAE has not changed its position.