OPEC, allies reach oil production agreement after Saudi-UAE spat

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

The comments by Suhail al-Mazrouei come after an online meeting today to reach a deal. Al-Mazrouei offers no immediate details.

Earlier this month, talks over oil production fell apart, in part over the United Arab Emirates wanting to increase its own production levels.

That sparked tension between the country and Saudi Arabia, long the heavyweight of the Vienna-based cartel, 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 on Friday.

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