OPEC On Verge Of Collapse After Saudis, UAE Refuse To Budge Over Oil Production Limits

 

Bloomberg: OPEC+ Crisis Deepens as Saudi Arabia Refuses to Budge 

 (Bloomberg) -- Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month. 

The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel. 

With the cartel discussing its production policy not only for the coming months but also into 2022, the solution to the standoff will shape the market and industry into next year. The increasingly personal fight between the two key producers broke into public view on Sunday with both countries, which typically keep their grievances within the walls of the royal palaces, airing their differences on television. 

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More News On Saudi Arabia And The UAE Refusing To Budge Over Oil Production Limits 

Saudi Arabia pushes back on UAE opposition to OPEC+ deal -- Reuters  

OPEC+ to resume crisis talks as Saudi Arabia and the UAE remain at loggerheads over oil output -- CNBC  

Oil row flares as UAE rejects 'unjust' OPEC+ output deal -- AFP

OPEC On Verge Of Collapse After Saudis, UAE Refuse To Budge -- Zero Hedge  

OPEC’s latest standoff puts the oil cartel’s survival at risk -- World Oil  

Factbox: The OPEC+ standoff and what's at stake for oil and the economy -- Reuters 

Oil prices hover above $75 as OPEC+ struggles to reach a deal. Here’s why it matters -- CNBC