OPEC oil alliance at impasse between Saudi Arabia and UAE
DUBAI, UNITED ARAB EMIRATES: Talks among members of the OPEC cartel and allied oil producing countries broke off Monday in the midst of a standoff with the United Arab Emirates over production levels.
No new date was set for resuming talks, leaving oil markets in a state of at least temporary uncertainty about future supply as demand for fuel continues to recover from the worst of the coronavirus pandemic.
In an unusual public confrontation with leading cartel member Saudi Arabia, the UAE on Sunday pushed back against the OPEC Plus group, which includes non-OPEC producers like Russia. The UAE said it supported a proposed gradual increase in production favored by Saudi Arabia, the group’s largest producer, and by non-member Russia.
