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Al-Marsad Journal – Reuters: A source in “OPEC +” confirmed that the group has agreed to put more oil on the market and extend the agreement on production restrictions, despite opposition from the UAE.
He stressed that “all (OPEC +) agreements require unanimous approval, which means that the rare development today indicates that the UAE may still derail the plan.”
He added: “The UAE has said the extension is conditional on a review of its baseline, which is the level of production on which the cuts are calculated.”
Under the new agreement, “OPEC will increase production from next August and extend the production agreement until the end of 2022.”
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