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No progress yet in UAE-Saudi OPEC talks

UAE is still in discussions with Saudi Arabia and other OPEC+ members for better terms under the current agreement that will expire in April 2022, an informed source of the discussions told Arab News.

Reuters said earlier that UAE has reached a compromise to assign the Gulf nation a quota of 3.65 million barrels a day, under the new deal that should be extended till the end of 2022, a proposal that the source said is still on the table as nothing is final yet.

The UAE energy ministry later issued a statement on Emirates official news agency WAM saying that its deliberations with OPEC+ regarding its position on an extension of an oil supply deal are still underway. “Deliberations between the concerned parties are still going on and that an agreement had not been reached yet,” it added.

Oil prices dropped on Wednesday after Reuters reported Saudi Arabia and the United Arab Emirates had reached a compromise that should unlock an OPEC+ deal to boost global oil supplies as the world recovers from the coronavirus pandemic.

Brent crude was down 32 cents, or 0.42%, at $76.17 a barrel by 1430 GMT, after dropping by over $1 earlier. West Texas Intermediate was off by 41 cents, or 0.54%, at $74.84 a barrel.

Oil prices, however, pared losses as weekly data from EIA showed that US stocks fell by more than expected.

Source: Arab News

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