UAE denies reports on reaching tradeoff in OPEC+ deal

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.

"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," TASS cited the ministry as saying.

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.