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OPEC+ Talks Abandoned Without a Deal, Sending Oil Prices Higher

CommoditiesJul 05, 2021 11:54AM ET
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© Bloomberg. Flames from a flare stack at an oil refinery. Photographer: Bartek Sadowski/Bloomberg

(Bloomberg) -- OPEC+ failed to reach a deal, abandoning its planned meeting and leaving theoil market facing much tighter supplies than had been expected.

Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t public. In absence of an agreement, the cartel’s current production limits will remain in place, depriving the global economy of vital extra supplies as demand recovers rapidly from the coronavirus pandemic.

Crude prices jumped 0.8% to $76.77 a barrel as of 4:25 p.m. in London.

The outcome is a significant failure for the cartel. Relations have soured between two core members of the Organization of Petroleum Exporting Countries to such an extent that no compromise was possible. It damages the group’s self-image as a responsible steward of the oil market, raising the likelihood of a further inflationary price spike.

©2021 Bloomberg L.P.

OPEC+ Talks Abandoned Without a Deal, Sending Oil Prices Higher
 

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Comments (17)
Mein Ki
Mein Ki Jul 06, 2021 5:38AM ET
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oil to 95 and expect good correction to last long.
Mein Ki
Mein Ki Jul 06, 2021 5:31AM ET
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bloomberg just transmits cartel's manipulative tactics. It looks very much like it, isn't it?
Alan Rice
Alan Rice Jul 05, 2021 4:04PM ET
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Could OPEC+ be waking up to the REAL VALUE of finite,100,000,000 year old , Planetary, ASSETS ?? (I guess it's possible.)
New Jazenevd
New Jazenevd Jul 05, 2021 3:11PM ET
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In Trump time, lack of agreement in OPEC would cause oil price diving, because the market knew that America works producing more oil than Saudis or Russians, thus making OPEC irrelevant. These days the reaction opposite, OPEC is powerful again, thanks to Burisma Joe.
Sean Livingstone
Sean Livingstone Jul 05, 2021 3:11PM ET
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The lack of control of oil extraction in the USA led to the oversupply of oil and thus price plunged. The death is sealed by the close down of the world economy. Many oil companies went bust in 2020 and thus there are fewer companies now and this supply is capped. Nothing to do with Trump or Joe.
New Jazenevd
New Jazenevd Jul 05, 2021 3:11PM ET
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Sean Livingstone  US produced more oil in Trump time than Saudis or Russians. It is an obvious fact that you try to ignore. Biden’s assault on shale drilling substantially reduces US oil output, another obvious fact that you try to ignore too. Why do you ignore obvious facts? Any strong reason?
Mart Bab
Rubberduck1973 Jul 05, 2021 2:20PM ET
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Price manipulation. That’s all what it is. Thank god a drive an EV getting 56% charged by my very high quality European solar panels.
jason xx
jason xx Jul 05, 2021 1:49PM ET
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Anyone who thinks they are patriotic should be demanding we get off this oil dependency we have on the middle east instead of crying about everything green. Who wants to stay dependent on these people?
Michael Becker
Michael Becker Jul 05, 2021 1:49PM ET
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Obviously, Joe Biden and the Democratic Party. They are ****supporters of anything that weakens America.
George Gertz
George Gertz Jul 05, 2021 12:57PM ET
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This was all planned so no nation can be blamed for higher oil prices.Oil to $100.
Van De
Van De Jul 05, 2021 12:57PM ET
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by is
Binh Nguyen
Binh Nguyen Jul 05, 2021 12:57PM ET
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You wish. Let me guess. Are u holding one of the oil stocks? Remember when the “actual” war between these oil countries (ala early 2020?), they will sell oil as much as they can to affect their rivalries! The oil price will dive due to flooded inventory!
Van De
Van De Jul 05, 2021 12:57PM ET
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jack vagh Cap Hedge
jack vagh Cap Hedge Jul 05, 2021 12:31PM ET
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This shows the reliability of the Trump administration in curbing oil prices and its time the democrats follow the same and bring down the inflation of the most important commodity.
jason xx
jason xx Jul 05, 2021 12:31PM ET
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Please, they economy was on autopilot and cruise control when Dump had it.
Jeff Page
Jeff Page Jul 05, 2021 12:31PM ET
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True! More certainty in pricing is 100% needed for planning. We get zero clarity from this admin.
gary Gould
gary Gould Jul 05, 2021 12:31PM ET
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jesus u Americans are messed up ....
Mervintheran Govender
Mervintheran Govender Jul 05, 2021 12:26PM ET
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nothing else but pure GREED, poorer nations suffer the most. Another good reason for the world to move from oil dependency - renewables must be accelerated,
Parekh Kar
Parekh Kar Jul 05, 2021 12:26PM ET
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shut the hell upthis is the policy of Biden only which is affecting in this wayanyway sooner the production will be increasedif u would have stayed in Texas during those days, never would have said those lines again
Brandon Kearney
Brandon Kearney Jul 05, 2021 12:26PM ET
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although I agree with you that the world needs to accelerate renewables, much of this in the article read is economic drama.once Renewables are 75% of the market then Renewables will find the same type of economic drama, i.e. shortage of batteries or some component of the system which drives the vehicle. it's all a way of the system to create economic ebbs and flow
Daniel Addy
Daniel Addy Jul 05, 2021 12:26PM ET
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great idea, now why dont you release your energy solution idwa on the world for rest of us since you've figured it out
Tim Dunsworth
Tim Dunsworth Jul 05, 2021 12:26PM ET
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So the Chinese can takeover?
Mervintheran Govender
Mervintheran Govender Jul 05, 2021 12:26PM ET
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Parekh Kar  You are a selfish ****- consider the rest of the world - WTI is for you, I speak for the rest
Mansoor Mansoor
Mansoor Mansoor Jul 05, 2021 12:25PM ET
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not baf
New Jazenevd
New Jazenevd Jul 05, 2021 12:24PM ET
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Another smoke-and-mirrors piece from Bloomberg. When Biden destroys US oil supply, Bloomberg and similar “financial news” outlets applaud, but when OPEC keeps production lower then hypocrisy flows wide with accusations of withholding supplies and jeopardizing world economy.
Joe Tiriolo
Joe Tiriolo Jul 05, 2021 12:24PM ET
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Spot on!
New Jazenevd
New Jazenevd Jul 05, 2021 12:24PM ET
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tester test  “Poisonous water” is just another lie coming from you and your ilk.
Gay Bear
Gay Bear Jul 05, 2021 12:22PM ET
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sure, they didnt reach the deal so why oil is rising? You really think they will obey the current quotas after meeting fiasco? UAE and Russia will pump like no tommorow
Bay Creek History Detectives
Bay Creek History Detectives Jul 05, 2021 12:21PM ET
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Or....with no agreement members might just PUMP PUMP more oil LOL
market frentic
market frentic Jul 05, 2021 12:16PM ET
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It was a purposefully done by the cartel ,in the eye of the public ,they cannot come to agreement ,when they could all the while before.If there was a serious disagreement all would follow their own pattern of production ,which makes it obvious it is on purpose to fool all the importers and blame each other as a ploy.Best is  importing countries go on an austerity measure of not importing for six months and use their reserves and put this cartel into jeopardy
MOHD NIZAM JAMALUDIN
MOHD NIZAM JAMALUDIN Jul 05, 2021 12:13PM ET
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let's face it they want us to make money now.. let's do it
jason xx
jason xx Jul 05, 2021 12:13PM ET
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Ideas???
Fahmi Yazit
Fahmi Yazit Jul 05, 2021 12:11PM ET
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They just dont feel enough on what they had..be grateful Arabs. Stop being selfish and stupid like a buffalo. Shabab shower...
Rana Kashif
Rana Kashif Jul 05, 2021 12:09PM ET
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what the ****these people's doing from last week
 
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