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UAE denies reports on reaching tradeoff in OPEC+ deal

"Deliberations and consultations between concerned parties are ongoing," the UAE Ministry of Energy said in its statement

© EPA/LISI NIESNER

MOSCOW, July 14. /TASS/. The OPEC+ countries have not yet agreed with the UAE on the parameters and conditions for a deal to soften oil production restrictions, and consultations are still underway, the UAE Ministry of Energy said in its statement received by TASS.

"We note recent media reports that a compromise has been reached between the UAE and OPEC+ participants on a future oil supply deal. We would like to stress that no agreement has yet been reached with OPEC+. Deliberations and consultations between concerned parties are ongoing," the Ministry said.

Bloomberg reported earlier, citing the agency’s sources, that the OPEC+ countries had managed to come to terms with the UAE.

The OPEC+ countries have been unable to agree on the softening of restrictions until the end of the year since early July.

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United Arab Emirates OPEC

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