Saudi Arabia and UAE reach a compromise over oil production deal – Reuters

Eren Sengezer FXStreet

Saudi Arabia and United Arab Emirates (UAE) have reached a compromise over the oil production deal, Reuters reported on Wednesday, citing OPEC+ sources.

"UAE will have a higher oil production baseline at 3.65 million barrels per day for future oil deals," sources told Reuters.

Market reaction

Crude oil prices came under renewed selling pressure on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was losing 1.5% on a daily basis at $74.10. Meanwhile, the barrel of Brent was down 1.1% at $75.50.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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