OPEC resumes oil policy talks amid Saudi-UAE standoff

July 5, 2021

OPEC+ ministers called off oil output talks after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed. The failure of the talks, which had partly been about an increase in oil output from next month, helped to drive up international benchmark Brent crude, which was trading 1.1% higher at above $77 a barrel.

Read the original article on Reuters: OPEC+ abandons oil policy meeting after Saudi-UAE clash