The latest Opec+ melodrama is over, with the producer alliance signing off on a compromise agreement during a hastily-assembled 18 July meeting. The new deal secured two primary objectives: firstly, it releases new volumes onto the market to meet growing demand; secondly, it ensures that production restrictions will remain in place until the end of 2022.

Following the meeting, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman hailed the “art” of consensus building as Opec+ put two weeks of public recriminations behind it to extend its vows throughout next year. Consensus building “is the glue that keeps this set up competent, effective and worthy,” he told a post-meeting press conference. (CONTINUED - 1564 WORDS)