07/18/2021

OPEC+ Agrees Oil Supply Boost After UAE Wins Argument With Saudi Arabia

Petrol costs should decline in the coming weeks

OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.

The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 after Saudi Arabia and others agreed to a request from the United Arab Emirates (UAE) that had threatened the plan.

"We are happy with the deal," UAE's Energy Minister Suhail bin Mohammed al-Mazroui told a news conference. Saudi energy minister, Prince Abdulaziz bin Salman, refused to answer questions on how the compromise was reached.

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