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(Bloomberg)
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OPEC and its allies met on Sunday in a final effort to unblock a deal to increase production, as a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved.
Officials have said privately in recent days that a full meeting would only be called if a deal was in reach. A news conference is scheduled for 1 p.m. Vienna time.
A truce would open the way to more oil coming onto the market, easing a looming supply squeeze and averting an inflationary price spike. It would also put an end to a diplomatic spat that has unnerved oil traders, as the fight between the two long-time allies risked unraveling the broader OPEC+ accord that’s underpinned the recovery in crude prices.
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âIt will touch peopleâs life in a very intimate way,â Lagarde told Bloomberg Television on Sunday. âWhat weâve heard from the people is that they want privacy to be protected. But at the same time we need to make sure that itâs not accelerating money laundering or the financing of terrorism, so on each and every aspect we have to strike the right balance.â