OPEC, allies reach ‘full agreement’ after production spat

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

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

The comments by Suhail al-Mazrouei to journalists came after an online meeting to reach a deal. He offered no immediate details, though Saudi Energy Minister Prince Abdulaziz bin Salman acknowledged that five countries would see their production limits raised.

He declined to elaborate on how they came to that consensus, saying it would see the cartel “lose our advantage of being mysterious and clever.”

Prince Abdulaziz deferred at the beginning of a news conference afterward to al-Mazrouei in a sign of respect.

“The UAE is committed to this group and will always work with it and within this group to do our best to achieve the market balance and help everyone,” al-Mazrouei said.

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

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