Business Standard

Sunday, January 12, 2025 | 09:39 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Oil prices drop after Saudi Arabia and UAE reach output compromise

Under the compromise with Saudi Arabia, the UAE's baseline production will rise to 3.65 million barrels per day after the current pact expires in April 2022

To date, the Centre has awarded 105 Open Acreage Licensing Policy (OALP) blocks under the revenue-sharing regime through five rounds of auction.
Premium

Crude inventories declined by 4.1 million barrels for the week ended July 9

Ron Bousso | Reuters
Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output.

The deal between the two Gulf producers means that members of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will be able to extend a deal to curb output until the end of 2022, the sources said.
Brent crude was down 57 cents, or 0.75%, at $75.92 a barrel by 1120 GMT after dropping by over $1 earlier. West Texas Intermediate

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in