# OPEC hopes to salvage a deal from Saudi-UAE standoff with a few days of oil diplomacy | S&P Global

> OPEC is trying to resolve a dispute between Saudi Arabia and the UAE over quota enforcement after formal talks broke down on November 30. A meeting with Russia and other partners was pushed back two days, and delegates are holding informal talks behind the scenes.

- Date: 2020-12-01 · published 2020-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/49817-opec-hopes-to-salvage-a-deal-from-saudi-uae-standoff-with-a-few-days-of-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Failure to agree a deal to extend production cuts could lead to an oil glut in 2021, which would pressure crude prices and weaken biofuel-linked demand for vegetable oils. A successful compromise would support prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-07-18 | [Oil producers reach deal on output, ending UAE-Saudi standoff \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/45988-oil-producers-reach-deal-on-output-ending-uae-saudi-standoff-opec-news-al.md) | +0.6% | -4.7% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2024-09-26 | [OPEC+ set to go ahead with Dec oil output hike, sources say \| Reuters](https://feedsoft.ai/events/28237-opec-set-to-go-ahead-with-dec-oil-output-hike-sources-say-reuters.md) | +0.5% | +1.4% |
| WTI | 2025-07-08 | [Saudi plays short and long game with OPEC+ production gamble](https://feedsoft.ai/events/23672-saudi-plays-short-and-long-game-with-opec-production-gamble.md) | -1.4% | -2.6% |
| WTI | 2021-09-01 | [OPEC+ sticks to gradual oil output hikes, ups demand forecast](https://feedsoft.ai/events/44977-opec-sticks-to-gradual-oil-output-hikes-ups-demand-forecast.md) | +1.3% | +9.5% |
| BRENT | 2021-07-18 | [Oil producers reach deal on output, ending UAE-Saudi standoff \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/45988-oil-producers-reach-deal-on-output-ending-uae-saudi-standoff-opec-news-al.md) | +0.6% | -4.4% |
| BRENT | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -0.3% | -4.5% |
| BRENT | 2024-09-26 | [OPEC+ set to go ahead with Dec oil output hike, sources say \| Reuters](https://feedsoft.ai/events/28237-opec-set-to-go-ahead-with-dec-oil-output-hike-sources-say-reuters.md) | -0.1% | +0.5% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/120120-opec-hopes-to-salvage-a-deal-from-saudi-uae-standoff-with-a-few-days-of-oil-diplomacy

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.