Saudi Arabia and the UAE have agreed to extend the OPEC + deal until the end of 2022, Bloomberg and Reuters reported, citing sources. In accordance with the agreement, from May 2022, the UAE will increase the base level of oil production to 3.65 million barrels per day. Earlier, Saudi Arabia insisted on extending the OPEC + deal, but the Emirates refused to do so on unfavorable terms.
“The UAE settled the dispute with OPEC, agreed on the growth of the benchmark. The UAE will set a new benchmark for production at 3.65 million barrels per day, ”Bloomberg quoted the delegate as saying. According to him, OPEC + will soon set a new date for the meeting.
The report notes that at the moment the level of the base oil production of the UAE is 3.168 million barrels per day. The country was striving to reach the level of 3.8 million.
The lack of a compromise between the OPEC + countries led to a decrease in oil prices. Last week, the prices of European grades of oil plummeted by 4.5-6.3%. The price of Russian Urals oil has also declined.
What else was affected by the uncertainty about the OPEC + deal, read in the material of “Kommersant” “We did not agree with oil.”