Saudi, United Arab Emirates reach compromise to unlock oil supply
Saudi Arabia and the United Arab Emirates have reached a compromise over Opec+ policy, an Opec+ source said on Wednesday, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices.
Brent oil prices fell on the news by as much as $1 per barrel towards $75 per barrel after Reuters reported the two major Opec producers had agreed a deal.
In a statement on Wednesday, the UAE energy ministry said that a deal with Opec+ on its baseline is yet to be reached and that deliberations are continuing.
The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as Opec+,
