OPEC+ ministers resume talks on Monday after failing to reach a deal on oil output policy in two days of talks last week amid a rare public standoff between Gulf allies Saudi Arabia and the United Arab Emirates, APA reports citing Reuters.
The spat erupted at a sensitive time for the oil market and could delay plans to pump more oil through to the end of the year to cool global oil prices that have soared to 2-1/2 year highs. Brent was trading around $76 on Monday.
Consuming nations want more crude to prevent high prices derailing a global recovery from the COVID-19 pandemic.
OPEC+, which agreed record output cuts in 2020 to cope with a COVID-induced price crash, voted on Friday to lift output by about 2 million barrels per day (bpd) from August to December 2021 and to extend their remaining cuts to the end of 2022, instead of ending in April 2022. The UAE blocked an agreement.
Decisions in OPEC+, an alliance of the Organization of the Petroleum Exporting Countries, Russia and other producers, must be unanimous.
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