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OPEC+ Deal Fails, Leaving Oil Market Tighter as Prices Surge

  • Cartel unable to resolve bitter dispute between Saudis and UAE
  • Proposal to increase production in coming months was blocked
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Brent Jumps After OPEC+ Fails to Reach Output Deal
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OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.

Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t public. The group didn’t agree on a date for its next meeting, according to a statement from OPEC Secretary-General Mohammad Barkindo.