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A Looming Crude Oil Showdown
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Everything You Need To Know About OPEC s New Agreement
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Crude ETFs Plummet as Oil Drops More than 8%
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By Marwa Rashad and Ghaida Ghantous
DUBAI (Reuters) – Saudi Arabia’s energy minister backed a crackdown on OPEC + dealers in the United Arab Emirates on Sunday and called for “commitment and rationality” when the group meets again on Monday to reach an agreement.
There was a rare public debate among allies whose national interests were increasingly different, as OPEC + policy began to implement a crude recovery at the time when consumers wanted a global recovery from the COVID-19 pandemic.
OPEC +, which brings together the Organization of Petroleum Exporters and its allies, on Friday voted to raise about 2 million barrels a day from August to December 2021 and extend the rest of the cuts to the end of 2022, but the deal hampered the deal, sources said.