Saudi Arabia and the United Arab Emirates (UAE) reached a compromise on OPEC+ policy, which would open the door for a deal to supply more crude to a tight oil market and calm high prices, according to Reuters.
The UAE Ministry of Energy said, in a statement on Wednesday, that an agreement with OPEC+ on the baseline has not yet been reached and that deliberations are continuing.
The spat between Saudi Arabia and the UAE showed concerns about adding an additional 2 million bpd to the market to ease oil prices that recently jumped to 2-1/2-year high.
The UAE opposed extending the current deal until December 2022 from April 2022 unless it is given a higher production quota.
The source added to Reuters that Saudi Arabia had agreed to Abu Dhabi's request of raising production to 3.65 million bpd as of April 2022 from the current 3.168 million bpd, paving the way for extending the comprehensive agreement until the end of 2022.
Meantime, Brent crude prices fell by $1 a barrel to around $75 after Reuters reported that major OPEC producers had agreed on a deal, that would increase production.
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