7/14, 1:19 PM (Source: TeleTrader)
more TeleTrader news

S. Arabia, UAE reach deal on OPEC oil output - report

Saudi Arabia and the United Arab Emirates reportedly reached an agreement on Wednesday related to the oil production quotas arranged within the Organization of the Petroleum Exporting Countries and its allies.

According to Energy Intelligence's Chief Correspondent Amena Bakr, the UAE's new baseline will be 3.65 million barrels per day. The OPEC+ meeting will be arranged soon, although the exact date hasn't been disclosed yet.

The compromise between Saudi Arabia and the UAE signals the OPEC+ deal will be likely extended until the end of the next year.

Breaking the News / ND