OPEC, allies reach full agreement after an earlier dispute which inflamed oil prices

OPEC, allies reach full agreement after an earlier dispute which inflamed oil prices

The energy minister of the United Arab Emirates said Sunday that ORGANISATION of the PETROLEUM EXPORTING COUNTRIES (OPEC) and allied countries have reached a “full agreement” after an earlier dispute that inflamed the oil prices globally.

The comments by Suhail-al- Mazrouei to journalists came after an online meeting to reach a deal. He offered no immediate details, though Saudi Energy Minister Prince Abdulaziz bin Salman suggested there would be an adjustment to production limits among the group.

Earlier this month, talks over productions fell apart in part over the UAE wanting to increase its own production levels. That sparked tension between it and Saudi Arabia, long the heavyweight of the Vienna-based cartel, amid other disagreements between the two neighboring Gulf Arab nations.

Prince Abdulaziz deferred at the beginning to Mazrouei in a sign of respect.

“The UAE is committed to this group and will always work with it and within this group to do our best to achieve the market balance and help everyone”, al- Mazrouei said.

OPEC and a group of allied oil producers agreed to boost production by 400,000 barrels a day through the end of September 2022, according to people familiar with the deal, moving to restore capacity they cut at the start of the pandemic as crude demand comes back.

Earlier this month, the Organization of the Petroleum Exporting Countries and a Russia-led group of non-OPEC producers—together called OPEC+—came close to agreeing to a deal to boost output starting next month. That deal was held up after the United Arab Emirates refused to sign on unless it was allowed to pump more of its own crude inside the complex quota system of the group.

OPEC+ slashed production early last year, cutting 9.7 million barrels a day of its collective output, equivalent to about 10% of 2019 demand. It has restored about 4 million barrels of that.

SOURCE:

https://www.livemint.com/news/world/opec-agrees-to-boost-oil-output-after-saudis-uae-end-standoff-11626607425403.html

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