Oil prices decreased on Wednesday after Saudi Arabia and the United Arab Emirates (UAE) resolved their nearly two-week-long standoff over baseline production levels that was blocking a unanimous OPEC+ deal on oil supply. At 1420 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 0.47 percent to reach $76.13 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $74.75, down 0.03 percent. The price for Opec Basket was recorded at $75.13 a barrel with 1.08 percent increase, Arab Light was available at $76.73 a barrel with 1.36 percent increase, while the price of Russian Sokol reached $77.31 after gaining 3.52 percent. Earlier in the day, Saudi Arabia and the UAE reached a compromise, under which the UAE will see its baseline production level lifted to 3.65 million barrels per day (bpd) when the current pact expires in April 2022. The current baseline for the UAE was around 3.17 million bpd. Earlier this month, the UAE blocked a deal on OPEC+ to raise oil production from August, making any agreements contingent on revising the “unfairly low” Emirati baseline from 2018. The UAE was insisting on a higher baseline from which to calculate its quotas because the 2018 figure hadn’t reflected the country’s expanded production capacity. The UAE has ambitions to raise its oil production capacity to 5 million bpd by 2030, from around 4 million bpd now. Despite mediation, consultations, and side talks in the first weekend of July—after two days of ‘no deal’ outcome of meetings—OPEC+ failed a third time on July 5, called off the OPEC+ meeting, and said it hadn’t decided yet when the next meeting would be held. Now a compromise agreement has been reached. The UAE will back the Saudi proposal from the early July meetings that the OPEC+ pact be extended past April 2022 into December 2022.