OPEC+ Calls Meeting for Sunday After Progress Toward Deal

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OPEC+ has called a meeting on Sunday, delegates said, after the group made significant progress toward resolving a standoff with the United Arab Emirates that had blocked a deal to boost output.

What’s moving markets

The meeting follows signs that tensions between Riyadh and Abu Dhabi were cooling after an unusually public fight. Earlier this month, the Organization of Petroleum Exporting Countries and its allies were forced to abandon a tentative deal to boost oil production in monthly installments of 400,000 barrels a day because of last minute objections from the UAE, which said its output limit was unfairly low.

The collapse of talks briefly sent crude to a six-year high in New York, although prices have dropped since to trade just below $72 a barrel on Friday.

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