OPEC+ stalemate threatens the pandemic recovery

The failure by major oil producers to agree on supply increases could elevate fuel prices, stoking inflation and weighing on the recovery from the coronavirus pandemic, the International Energy Agency has warned.

The Paris-based organization said in a report on Tuesday that the OPEC+ impasse, which is keeping production capped even as demand rises, could lead to a supply crunch. "In that case, oil markets will tighten significantly as demand rebounds from last year's Covid-induced plunge," it added.