How much oil will the world get from OPEC from August onwards, well no one knows as OPEC its oil-producing allies postponed crude supply decision indefinitely. Here is all you need to know about the looming crude crisis-:
- OPEC+ failed to reach an agreement on production policy for August and beyond.
- Crude oil soars to the highest level since October 2018 on the supply ambiguity
- OPEC+ voted on Friday to bring back 400,000 barrels per day to the market each month from August.
- This vote would have resulted in an extra 2 million barrels per day by the end of the year.
- UAE opposed the restrictions and supply agreements wanting to supply more oil into the market
- UAE has 30% of it's oil producing capacity lying idle, which is higher than the rest of the OPEC members
- Oil prices are up 57% this year and analysts are raising bets to see $100 mark soon.