[ad_1]
DUBAI, United Arab Emirates (AP) – The UAE’s Energy Minister said on Sunday that OPEC and allies have reached a “full deal” after a previous dispute that rocked oil prices .
Suhail al-Mazrouei’s comments to reporters came after an online meeting to reach an agreement. He gave no immediate details, although Saudi Energy Minister Prince Abdulaziz bin Salman suggested there would be adjustments to production limits within the group.
Earlier this month, production talks collapsed in part on the UAE wanting to increase its own production levels. It sparked tensions between her and Saudi Arabia, long the heavyweight of the Vienna-based cartel, amid other disagreements between the two Gulf-neighboring Arab countries.
Prince Abdulaziz first referred to al-Mazrouei as a sign of respect.
“The UAE is attached to this group and will always work with it and within this group to do their best to achieve market balance and help everyone,” al-Mazrouei said.
Oil prices collapsed amid the coronavirus pandemic as demand for jet fuel and gasoline fell in lockdowns across the world, briefly seeing oil futures trading in the negatives. Demand has since rebounded as vaccines, while still unevenly distributed across the world, reach guns in major global economies.
Benchmark Brent crude was trading around $ 73 a barrel on Friday.
Source link
