UAE Energy Minister: Members should deliver on commitments before extending output cuts

The energy minister of the United Arab Emirates told OPEC+ panel that all members should deliver full oil cut commitments before agreeing to any changes to an extension of the current pact, Reuters reported on Tuesday, citing OPEC+ sources. 

Market reaction

Crude oil prices remain under modest bearish pressure following this headline. As of writing, the barrel of West Texas Intermediate (WTI) was down nearly 1% on a daily basis at $41.05. Meanwhile, the barrel of Brent was losing 1.1% at $43.50.