Oil prices are already back above where they were before Monday’s dramatic sell-of. International oil benchmark Brent lost almost $5 per barrel in Monday trade following a weekend deal by the Opec-plus coalition to add 400,000 barrels per day of production every month until September 2022 at least — with a deal in place to December. The agreement ends two weeks of limbo for oil mar- kets as Opec-plus leaders sought a solution to demands by the United Arab Emirates to increase its production baseline in return for supporting an extension of the group’s cooperation agreement. That disagreement appeared more likely to hold the group’s pro- duction static than trigger a free for all. The UAE and other pro- ducers will now get higher quotas from next May when the group‘s baseline production will be hiked by 1.63 million b/d.
展开▼
