OPEC+ Fails to Reach Output Deal With Talks Kicked to Monday
- Negotiations to resume next week after two days of talks fail
- UAE’s objection to OPEC+ accord extension blocks supply deal
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OPEC and its allies abandoned oil-supply negotiations until Monday as a rebellion by a key member threatened the unity of the alliance.
Talks ended without a deal to increase output after the United Arab Emirates stuck to demands for better terms. The impasse -- which had already pushed discussions into a second day -- risks upsetting the cartel’s management of the oil market’s post-pandemic recovery just as consumer nations fret about the impact of higher prices.