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Crude Oil Price Continues to Rally After OPEC+ Meeting is Abandoned

July 6, 2021

Via: DailyFX

The latest OPEC+ meeting was called off Monday after the UAE and Saudi Arabia failed to agree on the end date for current production cuts. While the UAE accepted the proposed raising of output by 2 million barrels a day, they argued that their current baseline – from which production cuts are calculated – is too low and needs to be raised. While the meeting ended with no new date agreed for the next assembly, it may be that the two sides can be bought back together soon and a new meeting agreed upon.

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