Extended stay in Vienna

Yesterday’s meeting for OPEC+ members was adjourned, despite a partial agreement reached between the two heavyweights of the group, Saudi Arabia and Russia. The agreement suggested was to add less than 0.5 mb/d per month between August and December, August’s crude production ramp-up was suggested at 0.4 mb/d. The UAE blocked this agreement and asked for a revised date on their baseline production quota to effectively allow them to increase production by 0.7 mb/d. Talks are likely to continue throughout Friday and the weekend, as there is no clear path forward for this negotiation. September ICE Brent contracts spiked to 76.6 $/b ahead of the meeting before scaling back to 75.5 $/b.