OPEC ministers discuss policy at online meeting

Before meeting with their allies on Thursday to review oil-production policy, OPEC ministers met online to discuss internal matters.

Wednesday s talks among the 13 members of the Organization of Petroleum Exporting Countries focused on administrative matters, including an update to the group's manifesto of guiding principles known as its Long-Term Strategy. The ratification of a supply increase for August will complete the return of production halted at the start of the Covid 19 pandemic, according to the meeting of the wider 23 nation OPEC alliance tomorrow.

The outcome of President Joe Biden's trip to Saudi Arabia next month will determine whether or not crude traders will focus on what OPEC s biggest Persian Gulf member will do, which could ultimately affect the decision of whether or not he can help in bringing prices down. The question is whether Riyadh and Abu Dhabi can pump more, and if they have enough leftover barrels to do so.

The OPEC meeting ends without any discussion of Output Policy 2: 57 p.m. delegates said that ministers did not discuss oil-production policy at the end of their meeting. One delegate said that members agreed on a resolution related to administrative matters.

The decision-making process may be simplified after the latest round of talks between the European Union and fellow member Iran ended on Wednesday with little effect on progress of negotiations, according to semi-official Tasnim news agency.

That means that OPEC's top two producers, Saudi Arabia and the United Arab Emirates, can be less concerned about the prospect of a breakthrough that would lift US sanctions on Iran's petroleum trade and enrich their political rivals.

The world is set for a turbulent period because spare energy production capacity is very low, according to Shell Plc Chief Executive Officer Ben van Beurden, speaking to reporters in Singapore. He said that OPEC doesn't have as much idle capacity as many people think and there is a fear factor in oil prices as a result of an ever tighter market.

Ministers from OPEC countries have now started their video conference, delegates said, asking not to be named because the information isn't public.

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