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(Bloomberg)
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OPEC and its allies met on Sunday in a final effort to unblock a deal to increase production, as a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved.
Officials have said privately in recent days that a full meeting would only be called if a deal was in reach. A news conference is scheduled for 1 p.m. Vienna time.
A truce would open the way to more oil coming onto the market, easing a looming supply squeeze and averting an inflationary price spike. It would also put an end to a diplomatic spat that has unnerved oil traders, as the fight between the two long-time allies risked unraveling the broader OPEC+ accord that’s underpinned the recovery in crude prices.
Daily on Energy: Despite OPEC oil supply deal, Biden not out of woods on gas prices msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.