Fuel prices are expected to ease soon as the OPEC+ group on Sunday agreed to add more barrels to the market.
According to a report in the Times of India, the group, which also includes Russia, decided to increase production by 400,000 barrels per day (bpd) from August to December, to restore 2 million bpd of production, or India’s daily About 44% of the requirement. It also agreed on a higher production quota for the UAE, Iraq and Kuwait – all major suppliers to India.
The United Arab Emirates’ energy minister said on Sunday that OPEC and allied countries have reached a “full settlement” after an earlier dispute that affected oil prices.
Suhail al-Mazrouei’s remarks to reporters came after an online meeting to reach a deal. He did not immediately provide details, although Saudi Energy Minister Prince Abdulaziz bin Salman suggested that adjustments be made to the production limits between the groups.
Earlier this month, talks broke down over productions to ramp up their own production levels in the United Arab Emirates.
This led to tensions between Saudi Arabia and Saudi Arabia, the long-running Vienna-based cartel, among other disagreements between the two neighboring Gulf Arab countries.
Prince Abdulaziz initially deferred to al-Mazrouei in a gesture of respect.
“The UAE remains committed to this group and will always work with it and will do its best to achieve market balance and help everyone within this group,” Al-Mazrouei said.
Oil prices plunged amid the coronavirus pandemic as demand for jet fuel and gasoline plunged amid worldwide lockdowns, briefly seeing oil futures trading in the negative. Demand has since resumed as vaccines, while still unevenly distributed around the world, reach weapons in major world economies.
Benchmark Brent crude oil was trading at around $73 a barrel on Friday.
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