OPEC Agreement?
So, after several weeks of behind the scenes talks and political wrangling, the OPEC+ alliance has once again found a way forward in its quest to manage oil supply. The disagreement centered on production baselines from which OPEC+ cuts were assessed, with the United Arab Emirates (UAE) feeling its baseline had been set too low and demanding an increase, with a compromise eventually being found. The final agreement gave the UAE much of what it sought and paved the way for the group to supply an additional 400,000 b/d crude every month from August until December, which has already helped cool oil markets and give hope that the tanker markets might finally start to show a gradual improvement.
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