OPEC, allies reach ‘full agreement’ as stalemate ends

SourceKhaleej Times
SectorOil & Gas

The energy minister of the UAE has said OPEC and allied countries have reached a “full agreement” after earlier dispute that roiled oil prices. The comments by Suhail Al Mazrouei came after an online meeting on Sunday to reach a deal. Al Mazrouei offered no immediate details.

Earlier this month, talks over productions fell apart in part over the UAE wanting to increase its own production levels. Oil prices collapsed amid the coronavirus pandemic as demand for jet fuel and gasoline dropped in lockdowns across the globe, briefly seeing oil futures trade in the negatives. Demand since has rebounded as vaccines, while still distributed unequally across the globe, reach arms in major world economies. Benchmark Brent crude oil traded around $73 a barrel Friday.

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