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

July 2, 2021

World Energy Reports LLC.
AdobeStock_430726599.jpeg

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)

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual forecast and make revisions as needed.
  • Online database - The online database is updated every day – with information direct from primary sources. In the database are details for 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • Customer support - We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Demo