# Oil producers reach deal on output, ending UAE-Saudi standoff | OPEC News | Al Jazeera

> The UAE energy minister announced a full agreement among major oil producers to modestly boost output from August, ending a public standoff with Saudi Arabia. Members will raise output by 400,000 barrels per day monthly. The deal extends the output-cap deadline to the end of 2022 and the group will reassess the market in December.

- Date: 2021-07-18 · published 2021-07-18T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/45988-oil-producers-reach-deal-on-output-ending-uae-saudi-standoff-opec-news-al
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Resolving the Gulf dispute removes the risk of a disorderly supply split and sets a predictable path of added barrels. That path tends to cap crude prices relative to the alternative.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-12-01 | [OPEC hopes to salvage a deal from Saudi-UAE standoff with a few days of oil diplomacy \| S&P Global](https://feedsoft.ai/events/49817-opec-hopes-to-salvage-a-deal-from-saudi-uae-standoff-with-a-few-days-of-oil.md) | +3.2% | +7.5% |
| BRENT | 2021-06-01 | [Oil better? OPEC+ confirms plan to hike crude output through July \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/46495-oil-better-opec-confirms-plan-to-hike-crude-output-through-july-opec-news-al.md) | +2.4% | +7.5% |
| BRENT | 2021-07-18 | [OPEC+ agrees oil supply boost after UAE, Saudi reach compromise \| Reuters](https://feedsoft.ai/events/45985-opec-agrees-oil-supply-boost-after-uae-saudi-reach-compromise-reuters.md) | +0.6% | -4.4% |
| BRENT | 2025-05-31 | [Opec+ decided on July output hike to punish over-producers \| AGBI](https://feedsoft.ai/events/24131-opec-decided-on-july-output-hike-to-punish-over-producers-agbi.md) | +4.9% | +7.0% |
| BRENT | 2017-05-25 | [Opec, non-Opec producers roll over output restraint deal for nine months to curb glut \| The National](https://feedsoft.ai/events/70929-opec-non-opec-producers-roll-over-output-restraint-deal-for-nine-months-to-curb.md) | -7.0% | -16.6% |
| WTI | 2020-12-01 | [OPEC hopes to salvage a deal from Saudi-UAE standoff with a few days of oil diplomacy \| S&P Global](https://feedsoft.ai/events/49817-opec-hopes-to-salvage-a-deal-from-saudi-uae-standoff-with-a-few-days-of-oil.md) | +1.1% | +5.9% |
| WTI | 2021-06-01 | [Oil better? OPEC+ confirms plan to hike crude output through July \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/46495-oil-better-opec-confirms-plan-to-hike-crude-output-through-july-opec-news-al.md) | +4.4% | +10.0% |
| WTI | 2021-07-18 | [OPEC+ agrees oil supply boost after UAE, Saudi reach compromise \| Reuters](https://feedsoft.ai/events/45985-opec-agrees-oil-supply-boost-after-uae-saudi-reach-compromise-reuters.md) | +0.6% | -4.7% |

## Sources

- aljazeera.com: https://www.aljazeera.com/news/2021/7/18/oil-producers-reach-deal-on-output-ending-uae-saudi-standoff

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.