Saudi and UAE reach compromise in OPEC+ standoff

Talks between OPEC and its allies to boost oil production and cool prices were abandoned earlier this month over a dispute that pivoted over how much crude the UAE would be able to pump under a new deal.

Saudi Arabia and the United Arab Emirates have reached a compromise deal in a standoff over OPEC+ crude output quotas, according to media reports citing sources within OPEC+. Earlier this month talks between OPEC and its allies led by Russia, a grouping known as OPEC+, fell apart over a dispute that pivoted on individual quotas for pumping crude. At issue was how much oil Abu Dhabi would be allowed to produce under a proposed deal that sought to add an extra 2 million barrels per day of crude to the market to cool oil prices.