Dubai / London: Saudi Arabia and the United Arab Emirates (UAE) have achieved a compromise of OPEC + policy, said OPEC + Source on Wednesday, in one step that must open an agreement to supply more crude oil to a rigorous oil market and prices soar Cold.
Brent oil prices fell on the news as much as $ 1 per barrel to $ 75 a barrel after Reuters reported two major OPEC manufacturers agreed to an agreement.
In a statement on Wednesday, the Ministry of Energy UAE said that the agreement with OPEC + in his baseline had not been achieved and that the deliberation continued.
Organizations of petroleum, Russian and allies countries, a group known as OPEC +, still need to take the final decision on the output policy, after this month’s talk was abandoned due to Saudi-UAE disputes.
OPEC + has agreed to cut a record output of almost 10 million barrels per day (BPD) last year to overcome the decline in demand for pandemic.
The adhesive gradually relaxed since then and now stands at around 5.8 million BPD.
The dispute between Riyadh and Abu Dhabi spilled after OPEC + talks, with both details about the details of the proposed agreement which will add an additional 2 million BPD to the market to facilitate oil prices that have just risen to 2-1.
/ 2 year high.
While Saudi Arabia and the UAE both supported the immediate increase in output, UAE opposed to extend the existing agreement until December 2022 since April 2022 unless it was given a higher production quota.
OPEC + Source says Riyadh has agreed to the request of Abu Dhabi to have an UAE baseline – the level of where cuts under the OPEC + agreement on the supply sidewalk are calculated – set at 3.65 million BPDs from April 2022, up from 3,168 million now.
Providing higher production baseline production open ways to expand the whole pact until the end of 2022, the OPEC + source said.
Russia has insisted on the increase in the output quickly and has been among several countries that mediate between Riyadh and Abu Dhabi to get an agreement as soon as possible.
OPEC + has not made a final decision about the production agreement.
Not immediately clear whether other countries will also adjust their baseline.
The manufacturers said they would decide the new date for the next meeting in time.