No OPEC+ resolution since last week

The UAE remains the sticking point as they want a revision to the baseline output. In other words, they want to be among the ones pumping more i.e. have a greater share of the pie and who wouldn't when prices are soaring at the moment.

The proposal for the 400k bpd increase in output per month starting from August isn't likely to be threatened but unless the UAE gets what they want, there won't be any compromise on that front and that is where we are at now.

The meeting later today is said to proceed as per scheduled at 1300 GMT.