Gulf oil state is developing ESG framework that could broaden its funding base, sources tell Reuters.
The group took less than an hour to reach an agreement, one of the quickest meetings in recent memory.
OPEC+ forecasts a supply deficit this year even as it continues to add production, with a surplus is expected in 2022.
The pandemic continues to disrupt plans to restart economic activity by restricting mobility and demand for fuels.
Oil’s rally in the first half of 2021 has lost momentum since July amid the threat to demand posed by the Delta variant.
The rapid spread of the Delta variant of the coronavirus in many parts of the world has spurred fresh curbs on mobility.
The IEA downgraded its outlook for global oil demand for the remainder of 2021 as COVID variants threaten economies.
US government data show petrol prices climbed 2.4 percent in July from the previous month.
While the Delta variant has led to rising infections and curbs on movement, global consumption is expected to hold up.
CEO said he remains ‘extremely positive’ about the second half of 2021, but struck a cautious note about COVID.
China’s factory activity growth slipped sharply in July as demand contracted for the first time in more than a year.
The close Gulf allies have been publicly at odds over how quickly to increase output amid global pandemic recovery.
OPEC’s latest oil demand outlook fits with a yet-to-be-ratified plan with its allies to boost crude supplies.
OPEC+ talks were abandoned earlier this month over a dispute that pivoted on UAE production quotas.