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OPEC+ Standoff Drags On With Inflationary Price Spike at Stake

  • Failure to resolve dispute could send oil prices soaring
  • Cartel meets again amid renewed efforts to find compromise
Saudi Aramco's Connected Khurais Oil Field
Photographer: Maya Sidiqqui/Bloomberg
Updated on

OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher.

A day after the alliance was forced to delay its key policy meeting, positions remained entrenched, with the United Arab Emirates still blocking a deal to increase supply, a delegate said. Failure to agree on raising output would squeeze an already tight market, risking a further inflationary price spike.