Disagreement between the United Arab Emirates and Saudi Arabia have raise questions about the future of the Organization of Petroleum Exporting Countries (OPEC).

The 13-member Opec and other oil-producing nations namely Russia and Mexico decided to extend output cuts by a month to the end of July.

OPEC (The Organization of the Petroleum Exporting Countries) and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days of discussions and back-and-forth between the world’s largest energy producers. The cut is the single largest output cut in history.

OPEC meeting and oil price: OPEC and Russia reached a tentative agreement Thursday evening for the deepest global cut ever in oil production by 10 million barrels a day - 10 percent from normal production levels - for May and June. Possible further trims could come from a meeting of the Group of 20 nations on Friday.