OPEC+ to meet on Sunday to discuss oil output deal

SourceGulf Business
SectorOil & Gas
CountryGulf

OPEC and its allies will meet on Sunday, the latest sign that the standoff between Saudi Arabia and the UAE has been resolved. Oil ministers will meet at noon Vienna time, the group confirmed. Officials have said privately in recent days that a full meeting would only be called if a deal was in reach.

A truce would open the way to more oil coming onto the market, easing a looming supply squeeze and averting an inflationary price spike. The UAE has been arguing that the way its quota is calculated is unfair. To make its point, the country blocked a deal that the rest of the cartel had agreed to, which would have added 400,000 barrels a day each month. The collapse of talks briefly sent crude to a six-year high in New York, although prices have dropped since to trade just below $72 a barrel on Friday. Earlier this week, there were signs of progress between Saudi...read more...