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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 earlier dispute that roiled oil prices. The comments by Suhail al-Mazrouei came after an online meeting Sunday to reach a deal. Al-Mazrouei offered no immediate details. Earlier this month, talks over productions fell apart in part

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

The comments by Suhail al-Mazrouei came after an online meeting Sunday to reach a deal. Al-Mazrouei offered no immediate details.

Earlier this month, talks over productions fell apart in part over the United Arab Emirates wanting to increase its own production levels. That sparked tension between it and Saudi Arabia, long the heavyweight of the Vienna-based group, amid other disagreements between the two neighboring Gulf Arab nations.

Oil prices collapsed amid the coronavirus pandemic as demand for jet fuel and gasoline dropped in lockdowns across the globe, briefly seeing oil futures trade in the negatives. Demand since has rebounded as vaccines, while still distributed unequally across the globe, reach arms in major world economies.

Benchmark Brent crude oil traded around $73 a barrel Friday.

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