"OPEC+"

OPEC and its allies will meet on Sunday, the latest sign that a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved.

Global oil markets are set to "tighten significantly" unless the OPEC+ alliance resolves its standoff and agrees to increase production, the International Energy Agency warned.

For some of the worlds biggest money managers, the OPEC+ oil-price feud is little more than a sideshow when it comes to emerging markets.

Oil fell the most since late May as a stronger dollar spurred a broad sell-off across the commodities complex while uncertainty over OPECs next move loomed large in the markets.

An OPEC+ ministerial panel recommended a gradual increase in oil output to the end of the year, paving the way for the wider group to reach a deal that would keep a firm grip on supply even as prices trade at two-year highs.

OPEC+ is discussing whether to further boost production at next weeks meeting as the oil market looks increasingly tight.

A year after shuttering unprecedented volumes of crude, the OPEC+ alliance is expecting world oil markets to get acutely tight.

OPEC+ agreed to increase oil production gradually in the coming months, making a cautious bet on a summer economic rebound as the world recovers from covid-19.

The torrent of Iranian oil gushing into China in recent weeks is crowding out imports from other nations and threatening to complicate efforts by the OPEC+ alliance to tighten supply in the global market.

OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.

OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic, a bullish signal for prices that have already surged to a one-year high.

Iraq boosted crude exports in December and may have exceeded its OPEC+ output quota, which could complicate talks on Tuesday between major producers over whether to boost oil supplies.