World, As Seen from the most beautiful islands: Ireland and Cyprus

Saudi Arabia and the United Arab Emirates are in argument about the oil quota


The global economy is uncertain about the amount of oil that will be available next month, due to a rare diplomatic quarrel between Saudi Arabia and the United Arab Emirates. This is what Bloomberg News Agency writes on Monday, after statements for the television of both parties.

Due to the quarrel, the organization of oil-exporting countries and allies, known as OPEC+, had to shut down their talks twice already. The next meeting is scheduled for today.

The market is thus in uncertainty, while the price of oil continues to rise above 75 dollars per barrel.

The cartel is discussing the limitation of oil production not only for the rest of the year, but also until 2022, so that the outcome of the talks will determine the market and the oil sector for a longer period of time.

The Saudis, with support from Russia and others, want to increase production in the next few months, but also maintain the broader agreement on joint production restriction until the end of 2022, for stability.

The United Arab Emirates only supports the increase in the short term and demands better conditions for itself by 2022.

If there is no deal, the price of oil may rise sharply, but if OPEC+ cooperation falls apart completely, the price of oil may crash, because all countries can produce as much as they want.

Written by: Grace Kennedy

Grace Kennedy is a leading journalist, columnist of events in Ireland and beyond. 8 years in journalism, since she dropped out of university and ran away from home.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

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