Talks between the UAE and Saudi Arabia over reaching a compromise deal which can then be brought to Opec+ appear to be progressing. Although the UAE Ministry of Energy denied on 14 July that a deal for its baseline to be increased to 3.65mn b/d from April 2022 has been reached, MEES understands that there has been substantive progress.
Assuming that an agreement in principle is reached between the two Opec heavyweights, it would then need unanimous approval from the Opec+ producer alliance. There is optimism that such an agreement could yet be reached in time for an expedited ministerial meeting and vote to be held before the start of Eid al-Adha on 19 July. (CONTINUED - 921 WORDS)