Dubai-United Arab Emirates energy minister said on Sunday that a “full agreement” had been reached after OPEC and its allies had previously argued for a plunge in oil prices.
Comments on journalists by Suhail al-Mazrouei came after an online meeting to reach an agreement. Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, acknowledged that production limits would be raised in five countries, but he did not provide immediate details.
He refused to elaborate on how they reached that consensus, stating that the cartels “lose our advantage of being mysterious and wise.”
Earlier this month, talks about production levels collapsed as the United Arab Emirates wanted to raise its production levels. It created tensions with Saudi Arabia, a long-time Vienna-based cartel heavyweight, in the midst of other disagreements between the two neighboring Gulf Arab countries.
Prince Abdul Aziz postponed to Al Mazulowei in honor at the beginning of the subsequent press conference.
“The UAE is committed to this group and will always work with it to achieve market balance within this group and do our best to help everyone,” said Almas Roei.
Demand for jet fuel and gasoline fell in the midst of blockades around the world, causing oil prices to plummet during the coronavirus pandemic and temporarily seeing oil futures trading negatively. Since then, its demand as a vaccine has recovered, but it is still unequally distributed around the world, but it has become a major weapon of the world economy.
Benchmark Brent crude traded on Friday at around $ 73 a barrel.
OPEC Allies Reach “Complete Agreement” After Production Spat | Voice of America
Source link OPEC Allies Reach “Complete Agreement” After Production Spat | Voice of America