Updates
Later, 11:38 p.m.: from ArgusMedia:
Saudi oil minister Prince Abdulaziz bin Salman insisted last night that Opec+ must extend its output deal from the end of April 2022 until the end of that year, despite strong UAE opposition to an extension that does not also entail revising the production baselines of participating members.
The Saudi minister's insistence on the need to extend the deal while dismissing the UAE demand as a separate issue to be dealt with through Opec procedure rather than a negotiating point tied to the proposed extension means Opec+ faces a likely impasse when it resumes talks today.
"If everyone wants to increase production, then the agreement must be extended," said the Saudi oil minister in an interview with Saudi Arabia's semi-official Alarabiya TV.
Even if Opec+ increases output by 400,000 b/d from August until the agreement runs out in April 2022, the alliance would still be left with "at least" 2.8mn b/d of cuts still in force by then, necessitating an extension, said Prince Abdulaziz.
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