OPEC and its allies struck a deal to inject more oil into the recovering global economy, overcoming an internal split that threatened the cartel’s control of the crude market.
An unusually public dispute that tested the group’s unity was resolved in a classic compromise — with Saudi Arabia meeting the United Arab Emirates halfway in its demand for a more generous output limit.
Sunday’s agreement for monthly supply hikes of 400,000 barrels a day puts the Organization of Petroleum Exporting Countries and its allies back in control of the market after two volatile weeks.