OPEC+ Agrees New Oil Deal Without UAE Agreement, Source Says

Friday, July 2, 2021

OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though the United Arab Emirates still opposed the extension, an OPEC+ source said.

All OPEC+ deals require unanimous approval. The rare development on Friday means the UAE could still derail the plan. It was not immediately clear how the new plan would work.

The talks between the Organization of the Petroleum Exporting Countries, Russia and other producers, the alliance known as OPEC+, ran into a second day on Friday after the group failed to reach a consensus during Thursday's meetings.

Under the new deal OPEC would release more barrels from August 2021 and extend the duration of the output pact to the end of 2022 from its original April 2022 expiry.

The UAE said it agreed to the increase in output but the extension was conditional on revising up its baseline, the level of production against which cuts are calculated, the source said.


(Reporting by OPEC Newsroom; Writing by Dmitry Zhdannikov; Editing by Edmund Blair)

Categories: Oil Production

Related Stories

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

CNOOC Starts Production at Two New Oil and Gas Projects

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com