Saudi, UAE reach compromise to unlock more oil supply, says source ...Egypt

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DUBAI/LONDON, July 14 (Reuters) – Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ policy, an OPEC+ source said on Wednesday, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. Brent oil prices fell on the news by as much as US$1 per barrel towards US$75 per barrel after Reuters reported the two major OPEC producers had agreed a deal. The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, still need to take a final decision on output policy, after talks this month were abandoned because of the Saudi-UAE dispute. OPEC+ had agreed record output cuts of almost 10 m

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Last updated : 14 July 2021 clock 05:31 PM

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