OPEC Plus Agrees on Oil Production Increase, Ending Dispute With U.A.E.

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Major oil producers reached a deal on production increases on Sunday, as the United Arab Emirates and Saudi Arabia resolved a dispute that had blocked an agreement this month.

The pact clears the way for OPEC Plus, as the group is known, to begin pumping more oil, a move that could help ease a potential squeeze in supplies as global economies continue gearing up after pandemic lockdowns.

Under the agreement, OPEC Plus will increase production each month by 400,000 barrels a day indefinitely, beginning in August.

The arrangement gives the Emirates most of the increase in its production quota that it was seeking, although not until after next April. Other countries, including Kuwait, Iraq, Saudi Arabia and Russia, will also be granted increases in their production limits, according to OPEC’s statement.

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