OPEC and allied nations agreed Sunday to raise the production limits imposed on five countries next year and boost their production by two million barrels per day by the end of 2021, with a view to ending a dispute that has roiled oil markets.
The disagreement, sparked by a demand by the United Arab Emirates to increase its own production, temporarily upended an earlier meeting of the cartel. In a statement Sunday, the cartel announced that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise.
“What bonds us together is way much beyond what you may imagine,” Saudi Energy Minister Prince Abdulaziz bin Salman said. “We differ here and there but we bond.”