OPEC+ to Boost Oil Output After Saudi-UAE Compromise Deal
OPEC+ to Boost Oil Output After Saudi-UAE Compromise Deal
(Bloomberg) --
OPEC and its allies agreed to gradually add more oil supplies to the market after Saudi Arabia and the United Arab Emirates resolved a dispute.
The cartel will boost output by as much as 400,000 barrels a day each month from August until all of its halted output has been revived. The deal will also give Saudi Arabia, the UAE, Iraq, Kuwait and Russia higher baselines against which their production cuts are measured from May 2022, according to a statement from the group.
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