In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed to reach an agreement last week on an extension to the oil output cuts scheduled to expire in April 2022. Saudi Arabia and the other 23 members of OPEC+ are in agreement to increase production by a modest 400,000 barrels per day each month from August to December. They would then extend the current baseline cuts from the scheduled end in April 2022 to December 2022.…
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