OPEC+ Reaches No Deal; Leaving Oil Market With Tight Supplies And Soaring Prices

OPEC + ended the meet without reaching a deal as per the Bloomberg repot. The delegates who were mentioned in the report said days of hostile communication couldn't resolve the disagreement between the UAE and Saudi Arabia. Further as per the statement from OPEC Secretary-General Mohammad Barkindo the group did not decided on the next meeting date.

OPEC+ Reaches No Deal; Leaving Oil Market With Tight Supplies And Soaring Prices

As per the press release, the 18th OPEC and non-OPEC meet was to be held today via video conferencing today.

Hence the impact of no deal shall be that OPEC+ shall not increase production for August month, depriving the world of extra supplies that is the need given the recovery in demand for the commodity as economies have opened up post the coronavirus led curbs.

Nonetheless, the group may resume talks at any moment as the price of crude is already towards $80 per barrel level and there may be seen pressure building up from oil consuming nations with continuing fears around inflation. As of 4:25 London time, crude prices gained to $76.84 per barrel.

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