OPEC, allies raise limits for 5 countries to end oil dispute

OPEC and allied nations Sunday agreed to eventually raise the production limits imposed on five countries, ending an earlier dispute sparked by the United Arab Emirates that roiled global energy prices.

The disagreement, sparked by a demand by the UAE 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.”

Prince Abdulaziz declined to elaborate on how they came to that consensus, saying it would see the cartel “lose our advantage of being mysterious and clever.”