Without a deal, the alliance could limit supply even as rising oil prices are slowing economic recoveryOPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact. The stand-off could delay plans to pump more oil through to the end of the year to cool oil prices that have soared to 2-1/2 year highs. ithout a deal, the alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, more than 40% up this year. The rise in oil prices is contributing to global inflation, slowing the economic recovery from the novel coronavirus crisis. OPEC+ sources said UAE had made this proposal.

Source: The Hindu July 03, 2021 20:48 UTC