Talks ended without a deal to increase output after the United Arab Emirates stuck to demands for better terms. Failure to agree on raising output would squeeze an already tight market, potentially sending crude prices sharply higher. “If the UAE cannot secure the baseline concessions it’s looking for, will it declare its own OPEC Independence Day on Monday?" Oil ReboundCrude prices have risen around 50% this year as the recovery in demand outpaces the revival of OPEC+ supplies. “And that depends heavily on leaders of Saudi Arabia, UAE, and Russia working out an acceptable compromise over UAE’s baseline."

Source: Mint July 03, 2021 13:30 UTC