Top oil producers agree on output boost from August: OPEC

Top oil producers agree on output boost from August: OPEC

The energy minister of the United Arab Emirates says OPEC and allied countries have reached a "full agreement" after an earlier dispute that roiled oil prices.

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The comments by Suhail al-Mazrouei came after an online meeting Sunday to reach a deal.

The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 to overcome differences between Saudi Arabia and the United Arab Emirates that threatened the plan.

OPEC+ last year cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced slump in demand and collapsing prices. It has gradually reinstated some supply to leave it with a reduction of about 5.8 million bpd.

From August until December 2021 the group will increase supply by a further 2 million bpd or 0.4 million bpd a month, OPEC said in a statement.

The group had agreed to extend their overall pact until the end of 2022 from an earlier planned date of April 2022, to leave more room for maneuver in case global recovery stalls due to new virus variants.

Whilst both Riyadh and the UAE had been supportive of an immediate output boost,