The OPEC+ deadlock has come to an end, with Saudi Arabia and the United Arab Emirates agreeing on output levels today. According to an OPEC+ source, the UAE is permitted to increase the baseline used to decide how much petroleum the OPEC+ member is permitted to pump.
The United Arab Emirates insisted on raising their baseline, and OPEC+ talks on a proposal to increase output by 2 million barrels per day between the months of August and December fell apart early this month.
The UAE’s baseline will be boosted to 3.65 million barrels per day once their current agreement expires in April 2022, according to reports.
Oil futures are modestly higher as investors respond to the news. Brent futures are presently trading at $76.67 per barrel, up 0.20 percent, while US oil is trading at $75.31 per barrel, down 0.07 percent.