OPEC+ Compromise Deal Still Favors Saudi Arabia and Russia
- They will be first major producers to restore pre-Covid output
- UAE still making proportionally deeper cuts than its neighbor
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Saudi Arabia and Russia clinched a deal for an OPEC+ production increase by partly submitting to the United Arab Emirates’ demands for a more generous quota. But the compromise still leaves Riyadh and Moscow on top.
Of all the adjustments agreed on Sunday to the cartel’s baselines -- the level from which each member’s cuts are measured -- the two largest OPEC+ members awarded themselves the biggest increases.