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UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+

  • Agreement could allow group to boost output in coming months
  • Oil market faces deepening supply deficit without OPEC+ deal
Updated on

The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and allow the whole group to pump more oil in the coming months.

The talks, involving the UAE and Saudi Arabia, are still ongoing and any deal would need the support of other OPEC+ nations, according to delegates familiar with the discussions. While one delegate said the deal was effectively done, another said discussions were continuing.