Reuters: OPEC + agrees to the new oil agreement, but without the approval of the UAE | latest news


An OPEC + source said that the group agreed today, Friday, to add more oil to the market and to extend the term of its agreement on its remaining restrictions on production for a longer period, but the UAE is still opposed to the new agreement.

All OPEC+ agreements require unanimous approval. Today’s rare development means the UAE can still derail the plan.
It was not immediately clear how the new plan would work.
Today, talks between the Organization of the Petroleum Exporting Countries, Russia and other producers, within the framework of the alliance known as OPEC +, continued today.
The second after the group failed to reach consensus during Thursday’s meetings.
Under the new agreement, OPEC will raise production from August 2021 and extend the duration of the production agreement until the end of 2022 from its original date in April 2022.
The source said that the UAE said it had agreed to increase production, but the extension was conditional on a review of its baseline, which is the level of production on which cuts are calculated.


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