OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. The group didn’t agree a date for its next meeting, according to a statement from OPEC Secretary-General Mohammad Barkindo. With prices up about 50% this year and climbing toward $80 a barrel, the cartel may feel pressure from consuming countries concerned about rising inflation. Crude prices jumped 0.9% to $76.84 a barrel as of 4:25 p.m. in London, the highest since 2018. It damages the group’s self-image as a responsible steward of the oil market, raising the specter of the destructive price war that caused unprecedented price swings last year.

Source: Mint July 05, 2021 15:56 UTC