Saudi Arabia, UAE reach compromise over oil output deal

Saudi Arabia, UAE reach compromise over oil output deal
# 14 July 2021 16:05 (UTC +04:00)

Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ oil policy, giving the UAE a higher production baseline and paving the way for extending a pact on remaining supply curbs to the end of 2022, an OPEC+ source said on Wednesday, APA reports citing Reuters.

The UAE's baseline, the level from which cuts under the OPEC+ agreement on supply curbs are calculated, will be 3.65 million barrels per day from April 2022, the date when the existing pact had been due to expire, the source said.

#
#

THE OPERATION IS BEING PERFORMED