Gulf Arab States Agree to Restore Qatar Ties in U.S.-Backed Deal - Bloomberg
Saudi Arabia and three other Arab states agreed to fully restore ties with neighboring Qatar on Tuesday after a sustained U.S. push for the countries to unite against Iran.
The breakthrough in ending a dispute among some of the world’s top oil and gas producers that erupted in 2017 came just two weeks before President-elect Joe Biden takes office after pledging a new start with Tehran.
Saudi Arabia, Bahrain, the United Arab Emirates and Egypt signed an accord with Qatar in a mirrored concert hall in the northwestern Saudi town of Al Ula during a summit of Gulf Cooperation Council leaders, bringing the regional split to an end -- at least on paper.
The accord came on the same day Saudi Arabia asserted its primacy over the global oil industry by surprising the market with a large crude production cut that secured its leadership among global producers and sent crude prices soaring.
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