UAE and Saudi Arabia Reach Compromise For OPEC+ To Boost Oil Production

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DJ OPEC-Plus Deal Puts Group in Driver’s Seat, Says BofA — Market Talk

1151 ET – Last weekend’s OPEC-plus production agreement fueled a temporary drop in oil prices this week, but longer term the deal could be a stabilizing force that gives Saudi-led OPEC and other members including Russia a firmer grip on oil markets, says BofA Global Research. “With OPEC-plus agreeing to expand output baselines by 1.6mn b/d starting in May 2022, oil prices have retraced,” it says. “Yet the new agreement also extends supply controls to December 2022. In a way, the new accord supports and simultaneously reduces upside (and downside) risks to global crude prices, and puts OPEC-plus in the driver’s seat for oil markets over the next 18 months.”