The world’s leading oil producers agreed on Sunday to continue to modestly boost output from August, after the United Arab Emirates blocked a deal earlier this month.
Since May, the 23-member grouping, which also includes Russia, had raised oil output bit by bit, after slashing it more than a year ago when the coronavirus pandemic crushed demand. Saudi Energy Minister Abdulaziz bin Salman, who chairs the OPEC group, declined to say how the quotas were set and beneficiaries chosen, saying it had been part of “consensus building”.“A flurry of talks were held on Saturday to try and close the gap,” tweeted Herman Wang, an editor of S&P Global Platts, which specialises in coverage of the energy industry.
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