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Opec+ agree on modest output boost from August | Daily Express Online - Sabah s Leading News Portal
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OPEC, allies reach full agreement after production spat
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The OPEC logo pictured ahead of an informal meeting between members of the Organisation of the Petroleum Exporting Countries. Reuters/File
VIENNA: The world’s leading oil producers agreed on Sunday to continue to modestly boost output from August reaching a compromise after the United Arab Emirates blocked a deal earlier this month.
An OPEC+ meeting decided to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases, the group’s Vienna-based secretariat said in a media statement.
The grouping will “assess market developments” in December, it said. The deal also extends a deadline on capping output from April next year to the end of 2022.
OPEC, allies agree to raise oil production
Jon Gambrell
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Dubai, United Arab Emirates OPEC and allied nations agreed Sunday to raise the production limits imposed on five countries next year and boost their production by 2 million barrels per day by the end of this year, ending a dispute that roiled oil markets.
The disagreement, sparked by a demand by the United Arab Emirates to increase its own production, temporarily upended an earlier meeting of the cartel. In a statement Sunday, the cartel announced that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise.
“What bonds us together is way much beyond what you may imagine,” Saudi Energy Minister Prince Abdulaziz bin Salman said. “We differ here and there but we bond.”
Jul 19 2021, 1:15 PM
July 18 2021, 8:42 PM
July 19 2021, 1:15 PM
(Bloomberg)
(Bloomberg)
OPEC and its allies struck a deal to inject more oil into the recovering global economy, overcoming an internal split that threatened the cartelâs control of the crude market.
An unusually public dispute that tested the groupâs unity was resolved in a classic compromise with Saudi Arabia meeting the United Arab Emirates halfway in its demand for a more generous output limit.
The deal, agreed at a hastily convened Sunday meeting ahead of a long Islamic holiday, allows for monthly supply hikes of 400,000 barrels a day. It puts OPEC+ back in control of the market after two volatile weeks, in which traders considered the possibility that the alliance could unravel.
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