Oil surges as OPEC+ talks break down over Saudi-UAE rift

CHENNAI: While the tussle between Russia and Saudi Arabia in the OPEC+ alliance contributed to a prodigious drop in crude oil prices last March, the latest rift in the oil exporters’ cartel between the United Arab Emirates (UAE) and the Saudi kingdom is contributing to a run-up in oil rates.

After the OPEC+ alliance, which comprises the 13 members of the Organisation of Petroleum Exporting Countries (OPEC) and 10 other major exporters such as Russia and Kazakhstan, failed to reach a decision on increasing production during their meeting on Monday, crude oil prices gained sharply—brent crude breaching the $77-per-barrel-mark.