NRGO - OPEC+ supply hike in limbo as UAE objects to deal

Tensions erupted at an OPEC+ meeting on Thursday after the United Arab Emirates held up a deal at the last minute. It argued that the baseline for its own cuts needed to be adjusted, effectively boosting the country's production quota amid heavy investments in oil capacity. The standoff could mean that OPEC+ won't raise production at all, though ministers are aiming to resume their meeting this afternoon. WTI crude futures (CL1:COM) flat at $75.21/bbl.Before the skirmish took place, the group seemed to agree on an output boost of 400K barrels a day each month from August to December. It would have also extended the timeframe of the broader OPEC+ deal, setting the final expiry of the cutbacks in December 2022 instead of April. "It's hard to see either side backing down," said Richard Bronze, head of geopolitics at consultant Energy Aspects. "Talks may even extend through the weekend, as any

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OPEC+ supply hike in limbo as UAE objects to deal