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Saudi-UAE dispute on oil production reaches conclusion, says source

By Shubhangi on Jul 15, 2021 | 04:35 AM IST

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Saudi Arabia and United Arab Emirates have arrived at a deal, an OPEC+ source said on Wednesday, reported Reuters.

The deal could help in increased supply of oil in a tight market. Brent oil prices fell as much as $1 per barrel at $75 per barrel.

UAE energy minister in a statement on Wednesday said that a deal with OPEC+ on its baseline is yet to be reached and that deliberations are continuing.

OPEC+ is yet to arrive at a decision on output policy after talks were postponed this month due to the dispute between Saudi Arabia and UAE.

The dispute started as UAE was against a deal which would increase output until December 2022 rather than until April 2022.

UAE said it would only comply with the deal if it was granted a higher production quota. According to Reuters, the source said that Saudi had agreed to deliver Abu Dhabi’s request.

(With inputs from Reuters)

Picture Credits: Reuters

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