Why was OPEC meeting Cancelled?

OPEC and its allies abruptly called off their July 5 meeting, after a flurry of mediation efforts failed to resolve a Saudi-UAE standoff, raising the risks that the producer group could steer the market into a supply squeeze if it sticks to current quotas — or potentially a bruising price war if the coalition …

What day is the OPEC meeting?

Decided to hold the 25th OPEC and non-OPEC Ministerial Meeting on 2 February 2022.

What is the OPEC meeting about?

The 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM), was held via videoconference, on Thursday December 2, 2021. The Meeting remains in session. The meeting reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market.

When was the last OPEC meeting?

30 Nov 2021 | The Organization of the Petroleum Exporting Countries (OPEC) today marks the 5th anniversary of the historic ‘Vienna Agreement’ reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, Austria.

Are the UAE and Saudi Arabia allies?

The two countries are also known for being close allies in terms of foreign policy and geopolitical interests, collaborating closely during the 2017–18 Qatar diplomatic crisis and backing anti-Muslim Brotherhood governments in Libya, Tunisia and Egypt.

What is the full name of OPEC?

Organization of the Petroleum Exporting CountriesOPEC / Full name
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

Will OPEC meet again?

The members confirmed they were continuing with the April 2021 decision to incrementally return to supply figures of 2 million barrels a day, from May 2021 through to July 2021….OPEC calendar 2021.

Event	18th OPEC and non-OPEC ministerial meeting
Date	1 July 2021

Is OPEC a cartel?

In the oil and gas industry, the Organization of the Petroleum Exporting Countries (OPEC) is often used as an example of a cartel. The focus of OPEC is to control oil output in order to influence prices. As natural gas may be produced with with oil, some view OPEC as also being an indirect natural gas cartel.