At loggerheads: The current dispute centres on the UAE seeking to change the baseline upon which its output quota is decided, from the original 3.168 million bpd in the 2020 agreement to 3.84 million bpd. — Reuters
THE Opec+ group of oil exporters is struggling to reach a compromise over just how much more crude to supply to the market, but assuming a deal is eventually cut, it’s likely to be bearish for prices.
The group had agreed last week to boost its production by a total of two million barrels per day (bpd) from August to December. But that accord wasn’t ratified after the United Arab Emirates (UAE) wanted changes that would allow it to increase its output by a larger amount.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
