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Oil market let down by OPEC+ lack of compromise

Oil futures traded sharply lower on Wednesday, July 14 after OPEC+ failed to reach a compromise. In the upshot, Brent plunged 2.4% to $74.06/bbl, and WTI slid 2.9% to $72.42/bbl.

Yesterday, Bloomberg reported that the UAE, after negotiations with Saudi Arabia, agreed to extend the OPEC+ deal until the end of 2022, the bone of contention ahead of a ministerial meeting on July 1 that was eventually cancelled. As the new agency reported previously, the compromise entailed the consent of Saudi Arabia and, possibly, other OPEC+ countries to raise the UAE's base production level above the established quota. However, the UAE Energy Ministry confirmed only that the negotiations were in progress and that no consensus had yet been reached.

Today, amid dashed market hope and news that Iraq is ready to support the UAE's demands and, together with the Emirates, take a ‘contrarian position’ against the rest of OPEC+, the Brent price is down by almost 1%, dropping below $74/bbl, while WTI is off 1.1%, slipping below $72/bbl mark. Our Brent price forecast for today is in the range of $73-74/bbl.

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