According to a person familiar with the situation, the UAE hadn’t consulted other OPEC+ members before its ambassador to Washington made his statement.
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Russia and Ukraine are vital suppliers of grains, vegetable oil and fertilizers, which means that supply disruptions will be felt all over the world.
The production boost comes even as the new COVID-19 variant threatens demand, after Washington and Riyadh reached a detente on oil prices.
Despite the darkening outlook of the oil market, the panel forecast an oversupply of 1.9 million barrels a day in the first quarter, down from previous estimates.
Bowing to U.S. pressure and opening the taps would keep Saudi Arabia’s closest ally onside, at the expense of the hard-won crude price recovery that has swelled the kingdom’s coffers.
The two sides will finalize an agreement "as soon as possible,” after which arrangements will be made to let the ship leave Egypt
The grounding highlighted the fragility of a global network of markets and economies that takes for granted the flow of goods through it.
The situation has gotten so desperate that an elite salvage squad is due to arrive Thursday to work on prising the Ever Given from the bank of the canal.