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OPEC+ meets to agree oil supply boost as prices surge

By Rania El Gamal, Olesya Astakhova and Dmitry Zhdannikov MOSCOW/DUBAI/LONDON (Reuters) -OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost...
OPEC+ meets to agree oil supply boost as prices surge © Reuters. FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

By Rania El Gamal, Olesya Astakhova and Dmitry Zhdannikov

MOSCOW/DUBAI/LONDON (Reuters) -OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost to address soaring prices as the global economy recovers from the coronavirus pandemic.

An attempt earlier this month by the group, which includes OPEC countries and allies like Russia, to agree on a new output policy failed because of differences between Saudi Arabia and the United Arab Emirates (UAE).

OPEC+ last year agreed record output cuts of almost 10 million barrels per day (bpd) amid a pandemic-induced slump in demand and gradually relaxed them to about 5.8 million bpd.

The group had planned to ease the reduction by a further 2 million bpd from August until December 2021 because oil prices have climbed to 2-1/2 year highs [O/R].

An OPEC+ source told Reuters on Sunday key OPEC+ producers had already reached a preliminary deal on gradually raising oil output until December 2021 and extending their overall pact until the end of 2022, but some details have yet to be agreed.

Whilst both Riyadh and the UAE had been supportive of an immediate output boost, the UAE had objected to the Saudi idea to extend the overall supply management pact to December 2022 from the current plan to end it in April 2022.

The UAE argued that it wants a higher output quota if the pact was to be extended.

A higher output quota for the UAE and potentially for other members like Iraq and Kuwait will be on the agenda on Sunday, according to three OPEC+ sources.

The producers need to decide when those higher output quotas, known as baselines, would be set in place. Sources have told Reuters the UAE might see its baseline being raised to 3.65 million bpd from April 2022 from the current 3.168 million.

It is also unclear from which month OPEC+ would release more oil into the market - August might be difficult as Saudi Arabia had already set official selling prices for its oil and releasing extra barrels might upset existing customers.

Sunday's virtual meeting started at around 1010 GMT, OPEC said.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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