SULAIMANI (ESTA) — OPEC+ agreed to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, according to the group.
The talks between OPEC, 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 meeting, Reuters reported.
The group voted to increase output by around 2 million barrels per day (bpd) from August to December 2021 and to extend remaining cuts to the end of 2022, instead of ending in April 2022, OPEC+ sources told Reuters.
The UAE agreed to releasing more oil into the market but refused to support the extension of the cuts, they said.
The United Arab Emirates said the extension was conditional on revising up its baseline, the level of production against which cuts are calculated, the sources added.
The producer group is set to resume talks on Monday after failing to reach the deal on oil output policy.
Responding to oil demand destruction caused by the coronavirus crisis, OPEC+ agreed last year to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022.
Cuts now stand at about 5.8 million bpd.
