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OPEC+ agree to keep boosting oil output, bet on pandemic recovery


OPEC+ agree to keep boosting oil output, bet on pandemic recovery
dw.com
21 hrs ago
dw.com
Saudi Arabia and the UAE resolved a dispute over quotas, as the oil cartel hopes to fuel a global recovery from the COVID-19 pandemic.
OPEC+, the world s leading oil producers, have agreed on Sunday to extend a slight boost in output. The 23-member group, which also includes Russia, is now set to boost output by 400,000 barrels per day each month, starting with August.
© picture-alliance/dpa/A. Haider
Saudi Arabia denied a row with the UAE
It all follows their prior agreement this spring, when they chose to boost oil output bit by bit starting in May, after having slashed it more than a year ago when the pandemic caused demand in crude to plummet. ....

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OPEC+ Pushes for Oil Output Deal as Standoff Eases


(Bloomberg)
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OPEC+ Pushes for Oil Output Deal as Standoff Eases Back to video
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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Major oil producers agree on modest output boost from August

Major oil producers agree on modest output boost from August
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