OPEC+ Abandons Oil Policy Meeting After Saudi-UAE Clash
Voice of America
DUBAI - OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed.
Saudi energy minister Prince Abdulaziz bin Salman on Sunday called for "compromise and rationality" to secure a deal after two days of failed discussions last week. But on Monday, four OPEC+ sources said there had been no progress and talks were called off, without a new date being set. The failure to agree on Monday means an expected increase in oil output from August will not take place, the sources said, helping to drive up international benchmark Brent crude, which was trading around 1% higher at close to $77 a barrel. Oil prices are at the highest since 2018 and have already prompted concerns inflation could derail a global recovery from the pandemic.
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