• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

OPEC reportedly reaches compromise on oil production after dispute with UAE

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters.

The temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group spearheaded by its kingpin, Saudi Arabia.

Abu Dhabi had demanded that its own “baseline” for crude production — the maximum volume it’s recognized by OPEC as being able to produce — be raised because this figure then determines the size of production cuts and quotas it must follow as per the group’s output agreements.

Members cut the same percentage from their baseline, so having a higher baseline would allow the UAE a greater production quota.

The UAE initially called for its baseline to be raised from 3.2 million barrels a day to 3.8 million barrels a day. According to sources cited by the Wall Street Journal, the compromise reached between Saudi Arabia and its smaller neighbor will raise the UAE’s baseline to 3.65 million barrels per day from April 2022.

The reports have not been officially confirmed, and OPEC and the Saudi energy ministry did not reply to CNBC requests for comment.

The initial agreement supported by most OPEC delegates set out a plan for the group to collectively bring production up to 400,000 barrels of crude per day monthly through to the end of 2022.

RelatedPosts

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

This would end the remaining limits that were set in the spring of 2020, as economic recovery and growing demand for oil have brought crude prices up to their highest level since late 2018.

Source: cnbc
Via: norvanreports
Tags: compromise on oil productionOrganization of the Petroleum Exporting CountriesUnited Arab Emirates (UAE)
No Result
View All Result

Highlights

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

Ghana Health Service, PharmAccess ink MoU to roll out SafeCare Nationwide for Quality Healthcare Improvement

Cedi@60: Finance Minister Reiterates Call for Exclusive Use of Cedi in Domestic Transactions

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi

Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation

GAB CEO Urge Ghanaians to Prioritise Use of Cedi 

Trending

Features

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

October 28, 2025

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️ Nestlé Ghana will soon launch a new...

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

October 28, 2025

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

October 28, 2025

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

October 28, 2025

Ghana Health Service, PharmAccess ink MoU to roll out SafeCare Nationwide for Quality Healthcare Improvement

October 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.