Day: July 4, 2021

DUBAI, UNITED ARAB EMIRATES - The UAE on Sunday criticized the current oil production deal among OPEC+ alliance members as "unfair", offering to extend the agreement only if its production is reviewed.

In a row that could put at risk the energy market's post-coronavirus recovery, the UAE's push to increase its production baseline is reported to have derailed last week's meeting of the alliance of oil-producing countries.

The current deal "would prolong the UAE’s unfair reference production baseline until December 2022, from the existing agreement end date of April 2022", the energy and infrastructure ministry said, quoted by state news agency WAM.

"The UAE is willing to extend the agreement further, if required, but requests that baseline production references be reviewed to ensure that they are fair to all parties as/when an extension is agreed to."

Videoconference talks were held Friday between the 13 members of OPEC proper led by Saudi Arabia, followed by a technical meeting and discussions between the 23 members of OPEC+.

The wider grouping includes Russia, the world's second-largest oil producer.

The hitch in discussions came "due to the UAE raising a last-minute objection to the Russian-Saudi Arabia deal reached earlier", according to analysts from Deutsche Bank.

"The UAE, which has raised its production capacity since 2018 when the individual baselines were set, insisted on having its baseline lifted by 0.6 million barrels per day (bpd) to 3.8 million bpd, thereby allowing them a unilateral production increase within the current quota framework," according to Ole Hansen from Saxobank.

"Negotiations... will be difficult as OPEC+ knows that if the UAE is allowed to produce from a different base, other members may protest," said Louise Dickson from Rystad.

OPEC said the meeting had been adjourned and would reconvene on Monday at the cartel's Vienna headquarters.

Source: Voice of America

Riyadh, Saudi Stock Exchange's main index ended trading higher here today, gaining 52.68 points to close at 11,031.73.

The total value of the trading reported was SR 12.7 billion, while the toll of shares traded was more than 360 million, divided into over 455,000 deals.

While the stocks of 87 companies ended the trading higher, 100 companies' shares slumped.

The spread between the advancers and decliners stocks ranged from 9.99% to 3.63%.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 77.39 points, to close at 22,709.91, with a valuation of SR 21 million and an overall tally of 370,000 stocks traded and divided into as many as 802 deals.

Source: Saudi Press Agency

Amman, The Jordanian stock exchange ended trading slightly down, at the closing here today, losing 0.63% to stand at the level of 2,099.71 points.

The overall traded shares was 3.6 million, worth 6.1 billion Dinar, as a result of as many as 3,008 executed deals.

Source: Saudi Press Agency

Cairo, Egyptian Minister of Trade and Industry Nevin Jamei met here today with Iraqi Minister of Industry and Minerals Manhal Aziz Al-Khabbaz.

During the meeting, they discussed issues of common interest and means of enhancing bilateral relations.

Source: Saudi Press Agency

Cairo, The Egyptian stock exchange main indices ended trading collectively up here today at the closing.

The market experienced intensive pro-active buying spree by the investment funds as well as local, Arab and foreign institutions.

Market capitalization of the listed companies gained about 5.3 billion pounds reaching 672.68 billion pounds.

Source: Saudi Press Agency