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7/14, 4:56 PM (Source: TeleTrader)
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UAE denies OPEC+ deal reached

The United Arab Emirates denied on Wednesday reports that a deal has been reached with the Organization of the Petroleum Exporting Countries and its oil-producing allies (OPEC+).

The UAE Ministry of Energy stated that they "emphasize that an agreement with OPEC + has not yet been reached." Additionally, the statement noted that "discussions and consultations" are still ongoing between the parties.

The denial comes on the heels of reports earlier today that Saudi Arabia and the UAE reached an agreement on oil production quotas, thus potentially clearing one of the major hurdles in the OPEC+ deals, but the latest development puts a dampener on those hopes.

Breaking the News / OL