Saudi Arabia, UAE reportedly reach compromise over oil output deal
Reuters with the headline, citing an OPEC+ sourceOil slips on the news as both sides reach a compromise, with the UAE to have a higher oil production baseline at 3.65 mil bpd for future oil deals. An OPEC+ meeting is said to be arranged soon to formalise the agreement.
WTI falls 1.5% to $74.10 but this is a dip worth buying into in my view as much of this is already priced in and it doesn't really shake up the fundamentals by much.
Update: Oil dips quickly bought up as price jumps back to $74.85 from a low of $74.07.