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An Oil field in Khurais, Saudi Arabia. Photo: Maya Siddiqui/Bloomberg via Getty Images

OPEC+ reached a deal on oil production increases Sunday, following a protracted dispute between the United Arab Emirates and Saudi Arabia.

Why it matters: The increase in oil production, which is at the center of the agreement, comes at a pivotal point as global economies prepare to open up post-pandemic.

  • Earlier this month, gasoline prices spiked, reaching their highest levels in over six years after the group failed to arrive at an agreement.
  • Under the agreement, the group will begin coordinated increases in production in August. Overall production will grow by 400,000 barrels per day on a monthly basis thereafter.
  • The pact signals the end of a conflict between Saudi Arabia, the world's largest oil producer, and the Emirates.
  • “We are here to stay,” Prince Abdulaziz bin Salman, Saudi Arabia’s oil minister, said at a news conference, according to the New York Times. “What bonds us together is way beyond what you imagine.”

What they're saying: “This latest OPEC bust-up highlights important changes in oil marketing strategy that are starting to spread across the global oil patch,” Jim Krane, a fellow at Rice University’s Baker Institute, said, per the NYT.

Go deeper: Why rising oil prices matter — and what comes next

Go deeper

Ben Geman, author of Generate
Oct 20, 2021 - Energy & Environment

UN: Fossil fuel output plans would crush Paris hopes

Illustration: Sarah Grillo/Axios

A United Nations report warns that governments and fossil fuel companies are planning levels of oil, natural gas and coal production that are "dangerously out of sync" with holding global warming in check.

Driving the news: "[T]he world’s governments still plan to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting global warming to 1.5°C, and 45% more than consistent with limiting warming to 2°C," it states.

Updated Oct 25, 2021 - World

Saudi dissident claims MBS said he could get "poison ring" to kill king

Saudi Crown Prince Mohammed bin Salman attending the Saudi Green Initiative Forum, via video link, in Riyadh, Saudi Arabia, on Saturday. Photo: Royal Court of Saudi Arabia/Handout/Anadolu Agency via Getty Images

A former senior Saudi intelligence official who worked with the U.S. on counterterrorism alleged to "60 Minutes" in an interview broadcast Sunday that Crown Prince Mohammed bin Salman discussed in 2014 killing the kingdom's then-monarch.

Why it matters: The claim by the exiled Saad al-Jabri, whom Saudi authorities describe as "a discredited former government official," that the crown prince, known as "MBS," allegedly said he could obtain a "ring from Russia" to carry out the attack, is one of several serious but unproven allegations he made on the CBS show.

Updated 37 mins ago - Health

The case for Operation Warp Speed 2.0

Illustration: Annelise Capossela/Axios

Omicron's blitz around the world has underscored the need for a new arsenal of COVID vaccines and therapeutics, experts say — and that may require an effort akin to Operation Warp Speed 2.0.

Why it matters: The virus will continue to evolve, potentially in a way that further escapes vaccine protection, and the best way to prevent more global disruptions to everyday life is to have tools ready to combat whatever comes next.

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