The OPEC+ Ministerial Committee failed to reach consensus last Friday on further cuts in oil production. It was decided to continue the negotiations today, according to the official OPEC commentary. The controversy was caused by the prolongation of the current agreement until the end of 2022. The controversy was caused by the position of the United Arab Emirates that in case of prolongation of the agreement wanted to increase the basic level of oil production that serves as the base for calculating the level of restrictions. The discussion will continue today at a meeting scheduled for 16:00 Moscow time. The main issue discussed at Friday's meeting was an increase in monthly production by 400,000 bpd, starting in August and running through the end of this year. The alliance continues to gradually loosen limits set last year due to the spread of the pandemic and the blow to oil demand. From 9.7 million bpd, they have gradually decreased to 5.76 million bpd effective this month.