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Western media reported that Saudi Arabia and the United Arab Emirates had reached a compromise solution to the dispute that recently arose between them over the level of oil production within the “OPEC +” alliance.
Today, Wednesday, Reuters quoted a source in “OPEC +” confirming that the United Arab Emirates, under the deal reached, will achieve a higher benchmark production level of 3.65 million barrels per day (up from around 3 , 17 million currently) in oil agreements in the future, after the end of the agreement. The current OPEC + will be set in April 2022.
The source said the Saudi-UAE deal provides for the extension of the “OPEC +” deal until the end of 2022, adding that a date for the alliance’s next meeting has yet to be set.
The Bloomberg agency confirmed the news to be valid, noting that the new agreement to go into effect must be ratified by all “OPEC +” members and that a new date for the meeting will be set soon.
Following this news, Brent crude was down one dollar, to $ 75.49 per barrel.
Source: Reuters + Bloomberg.
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