Brent Oil Jumps Past $77 After OPEC+ Fails to Reach Output Deal

OPEC+ members Saudi Arabia and UAE fail to resolve dispute
Deadlock tips cartel into crisis amid very tight oil market

WATCH: Saudi Arabia Energy Minister Prince Abdulaziz bin Salman insists that OPEC+ must extend its production agreement to the end of next year.(Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Robert Tuttle

July 4, 2021 at 10:08 PM UTC

Updated on

July 5, 2021 at 7:04 PM UTC

This article is for subscribers only.

Brent oil rose above $77 a barrel for the first time since 2018 after OPEC+ failed to reach an agreement on bringing back curtailed output, leaving the market with tighter supplies than expected.

The group’s oil ministers were unable to reach a compromise during talks on Monday, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic.