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2021-07-15

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OPEC reportedly reaches compromise on oil production after dispute with UAE

DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived

OPEC reportedly reaches compromise on oil production after dispute with UAE

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOPEC reportedly reaches compromise on oil production after dispute with UAE\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 23:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/14/opec-reportedly-reaches-compromise-on-oil-production-after-dispute-with-uae.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/14/opec-reportedly-reaches-compromise-on-oil-production-after-dispute-with-uae.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://www.cnbc.com/2021/07/14/opec-reportedly-reaches-compromise-on-oil-production-after-dispute-with-uae.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1181513394","content_text":"DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by theWall Street JournalandReuters.\nThe temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group spearheaded by its kingpin, Saudi Arabia.\nAbu Dhabi had demanded that its own \"baseline\" for crude production — the maximum volume it's recognized by OPEC as being able to produce — be raised because this figure then determines the size of production cuts and quotas it must follow as per the group's output agreements. Members cut the same percentage from their baseline, so having a higher baseline would allow the UAE a greater production quota.\nThe UAE initially called for its baseline to be raised from 3.2 million barrels a day to 3.8 million barrels a day. According to sources cited by the Wall Street Journal, the compromise reached between Saudi Arabia and its smaller neighbor will raise the UAE's baseline to 3.65 million barrels per day from April 2022. The reports have not been officially confirmed, and OPEC and the Saudi energy ministry did not reply to CNBC requests for comment.\nThe initial agreement supported by most OPEC delegates set out a plan for the group to collectively bring production up to 400,000 barrels of crude per day monthly through to the end of 2022. 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OPEC reportedly reaches compromise on oil production after dispute with UAE

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