Saudi Arabia and the United Arab Emirates are said to have reached a compromise that would increase the oil supplyLondon was held back this morning by its big-name oil companies, which retreated as prices of the black stuff came off the boil. A falling out between members of Opec sent the price of a barrel of Brent crude to its highest in almost three years earlier this month. It slipped 1.5 per cent to back below $74 a barrel this morning, however, amid talk that Saudi Arabia and the United Arab Emirates had reached a compromise to unlock more oil supply. SponsoredThat took its toll on London’s two oil supermajors: Royal Dutch Shell retreated 19p, or 1.3 per cent, to £13.90 and BP dropped 7p, or 2.3 per cent, to 297¾p. Their smaller peer Tullow Oil, arguably the most sensitive to changes in

Source: The Times July 15, 2021 11:03 UTC