OPEC+ Breakdown: What to Watch as the Oil Crisis Evolves
- Fight between Saudi Arabia and UAE blocks production increase
- Coming days may determine if dispute escalates into price war
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OPEC+ infighting has deprived the oil market of extra supply and sent crude surging to a six-year high in New York.
It’s too early to tell whether the breakdown of the cartel’s meeting on Monday could escalate into a conflict between Saudi Arabia and the United Arab Emirates as bitter and destructive as last year’s price war.