Thursday, July 29, 2021

Saudi Arabia and UAE reach a compromise over oil production deal – Reuters

Saudi Arabia and United Arab Emirates (UAE) have reached a compromise over the oil production deal, Reuters reported on Wednesday, citing OPEC+ sources.

“UAE will have a higher oil production baseline at 3.65 million barrels per day for future oil deals,” sources told Reuters.

Market reaction

Crude oil prices came under renewed selling pressure on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was losing 1.5% on a daily basis at $74.10. Meanwhile, the barrel of Brent was down 1.1% at $75.50.

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