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OPEC+ talks abandoned without a deal, sending oil prices higher

Crude prices jumped 0.8% to $76.77 a barrel as of 4:25 p.m. in London.

Ahmedabad rural police, crude oil theft, crude oil prices in india, Salaya Mathura Pipeline, SMPL pipeline, Indian Oil Corporation, stolen crude oil, Gujarat oil, Gujarat news, Ahmedabad news, indian expressLCB officials rural arrested Imran Yusuf, a native of Bhavnagar with 43 iron barrels and 70 plastic barrels containing 24,860 litres of crude oil worth Rs 4.97 lakh. (Representational)

OPEC+ failed to reach a deal, abandoning its planned meeting and leaving the oil market facing much tighter supplies than had been expected.

Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t public. In absence of an agreement, the cartel’s current production limits will remain in place, depriving the global economy of vital extra supplies as demand recovers rapidly from the coronavirus pandemic.

Crude prices jumped 0.8% to $76.77 a barrel as of 4:25 p.m. in London.

The outcome is a significant failure for the cartel. Relations have soured between two core members of the Organization of Petroleum Exporting Countries to such an extent that no compromise was possible. It damages the group’s self-image as a responsible steward of the oil market, raising the likelihood of a further inflationary price spike.

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First published on: 05-07-2021 at 09:33:50 pm
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