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OPEC Plus: Saudi Arabia, UAE reach agreement on oil output

“OPEC +” agrees to increase oil production by 400,000 barrels in March

According to sources in OPEC Plus, Saudi Arabia and the UAE have achieved a deal on the oil production agreement, and the UAE will receive a higher reference production level of 3.65 million barrels per day in future oil agreements.

After a lack of consensus disrupted the increase in oil output, the OPEC Plus alliance found itself in a crisis.

According to the sources, OPEC Plus will hold a new meeting shortly, and Saudi Arabia and the UAE will agree to extend the deal until the end of 2022.

Before the last meeting, which was cancelled later, the alliance had disagreements due to the increasing production in August, which the UAE objected to, calling for amendments.

Therefore, the size of the required reduction was calculated. 

Each country is considering extending the agreement.

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