The Situation in the Oil Market in Q2 2021

The revision of the oil output baseline for the UAE made it possible to reach a compromise in the negotiations to extend the OPEC+ agreement. In return, the UAE supportedthe proposal to extend the current deal until the end of 2022, and to increase thetotal oil production by OPEC+ countries by 400,000 barrels per day (bpd) during thatperiod. This will allow Russia to return to the pre-crisis oil production level of 10.5 mnbarrels per day as early as May 2022, by increasing output by 100,000 bpd fromAugust 2021. However, the threat of negative effects on the oil market of potentialworldwide infection outbreaks caused by new coronavirus strains is still there.