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OPEC+ Crisis Deepens as Saudi Arabia Refuses to Budge

  • The fight is over UAE quotas and a move to extend OPEC+ deal
  • Saudi minister insists in interview oil deal must be extended
Bloomberg business news
WATCH: Saudi Energy Minister Prince Abdulaziz bin Salman insists that OPEC+ must extend its production agreement to the end of next year.(Source: Bloomberg)
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Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.

The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel. With the cartel discussing its production policy not only for the coming months but also into 2022, the solution to the standoff will shape the market and industry into next year.