OPEC, allies raise limits for 5 countries to end oil dispute
Source: AP
By JON GAMBRELL
DUBAI, United Arab Emirates (AP) — OPEC and allied nations Sunday agreed to eventually raise the production limits imposed on five countries, ending an earlier dispute sparked by the United Arab Emirates that roiled global energy prices.
The disagreement, sparked by a demand by the UAE to increase its own production, temporarily upended an earlier meeting of the cartel. In a statement Sunday, the cartel announced that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise.
“What bonds us together is way much beyond what you may imagine,” Saudi Energy Minister Prince Abdulaziz bin Salman said. “We differ here and there but we bond.”
Prince Abdulaziz declined to elaborate on how they came to that consensus, saying it would see the cartel “lose our advantage of being mysterious and clever.” But he clearly bristled at earlier reports on the dispute between Saudi Arabia, long the heavyweight of the Vienna-based cartel, and the UAE.
FILE - In this Jan. 8, 2020 file photo, UAE Energy Minister Suhail al-Mazrouei attends the UAE Energy Forum 2020 in Abu Dhabi, United Arab Emirates. Al-Mazrouei said Sunday, July 18, 2021, that OPEC and allied countries have reached a “full agreement” after an earlier dispute that roiled oil prices. The comments by al-Mazrouei to journalists came after an online meeting to reach a deal. (AP Photo/Kamran Jebreili. File)
Read more: https://apnews.com/article/middle-east-business-health-coronavirus-pandemic-opec-f3bed082ce6cb9353701bab9dc01429f
= new reply since forum marked as read
