Baselines, levels off which cuts and quotas are decided, have been a bone of contention within OPEC+, stalling talks amid UAE pushback in the summer of 2021.
But accepting lower baselines would pose risks in the event of future output recoveries.
The two countries' baselines for 2024 — and implicitly their production quotas — were due to be studied following assessment from three independent data providers.
Two OPEC+ delegates, who could only speak anonymously because of the sensitivity of discussions, told CNBC Tuesday that a compromise had yet to be reached, as the clock ticks toward key meetings between OPEC, OPEC+ and their technical committee.
The gatherings were initially scheduled as in-person meetings last weekend in Vienna, before a last-minute downgrade to virtual conferences.
Persons:
Saudi Arabia —, —, Prince Abdulaziz bin Salman
Organizations:
of Petroleum, CNBC, UAE, Change, Saudi Energy
Locations:
OPEC, Saudi, Saudi Arabia, Angola, Nigeria, Vienna