Controversy ends with OPEC raising oil production limits for five countries

Dubai, Ta. 13

OPEC and its allies have agreed to increase production limits on five countries. The controversy raised by the UAE was over. The controversy had an impact on the price of crude in the international market.

Iraq, Kuwait, Russia, Saudi Arabia and the UAE will increase crude production, according to a statement issued by OPEC. Increasing production is likely to bring down the price of crude oil in the international market.

Earlier this month, a meeting on the issue failed because the UAE wanted to increase its production. Prince Abdul Aziz bin Salman, Saudi Arabia's energy minister, said an agreement had been reached between OPEC and the countries concerned on limiting crude production. He did not elaborate, however.

UAE Energy Minister Suhail Al Majrooi said that a full agreement has been reached between OPEC and the countries concerned. He further said that the UAE is committed to this set and will always work with it. We will do our best to balance the market and help everyone.

Crude oil prices fell sharply due to a drop in jet fuel and vehicle fuel consumption due to the Corona virus epidemic. Leading economies of the world have seen an increase in the speed of vaccination and an increase in the demand for crude oil.