YGRN - Oil continues to fall after OPEC+ deal; UAE reiterates commitment to group

Bet_Noire/iStock via Getty Images OPEC and its allies have reached a deal to raise crude production in response to "oil demand showing clear signs of improvement and OECD stocks falling." Starting in August, they'll pump out an extra 400K barrels a day through the end of 2022, restoring all the cuts they made at the start of the COVID-19 pandemic. The modest increase suggests that producers are still concerned about the strength of the global economic recovery, but that they're comfortable with the current price of crude. Bigger picture: The deal resolves an internal dispute that had tested the unity of the alliance. OPEC+ abandoned talks two weeks ago after the UAE rejected proposed production plans, saying its current baseline was too low. The new agreement saw OPEC leader Saudi Arabia meet the UAE halfway in its demand for a more generous output limit, with other members of the group

For further details see:

Oil continues to fall after OPEC+ deal; UAE reiterates commitment to group