OPEC+ baseline increases, ending deadlock
The OPEC and its non OPEC allies has agreed to increase baseline, reaching a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022; ending a temporary deadlock caused by a disagreement between the United Arab Emirates and Saudi Arabia.
The disagreement was based on the UAE's demand that its own “baseline” for crude production to be raised, which means having a greater production quota. The UAE will now increase its baselines to 3.5 million barrels per day, from 3.168 million bpd.
