The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic. But this rift runs so deep that the energy ministers of the UAE and Saudi Arabia aired their grievances in interviews with Bloomberg Television and other media on Sunday. Production IncreaseThe UAE claims it can pump much more than the 3.2 million barrels a day baseline accorded to it under OPEC+’s quota system. Saudi Arabia argues that it’s withholding much more oil than the UAE -- and has done for years. Adnoc has said it expects to provide more than 1.1 million barrels a day for the exchange from August.

Source: Mint July 05, 2021 18:11 UTC