Saudi-UAE dispute on oil production reaches conclusion, says source
By Shubhangi on Jul 15, 2021 | 04:35 AM IST
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