Opec and its allies have reached an agreement to raise oil production at a time of soaring prices, after compromising over how the output targets of some of its largest members are calculated.
Members of the Opec+ group including the UAE, Saudi Arabia, Russia, Iraq and Kuwait will all be awarded higher production baselines — the level from which output deals are calculated — in a victory for Abu Dhabi that had threatened to scupper a deal early this month.
The result of the long-delayed meeting should mean higher oil production from members in the months ahead, as oil prices have soared to the highest level in three years, threatening to drag on the economic recovery during the bounce back from the Covid-19 pandemic.
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