OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said.
The group didn’t agree on a date for its next meeting, according to a statement from OPEC secretary general Mohammad Barkindo.
The most immediate effect of the breakdown is that, unless an agreement can be salvaged, the Organisation of Petroleum Exporting Countries and its allies won’t increase production for August.
That will deprive the global economy of vital extra supplies as demand recovers rapidly from the coronavirus pandemic.
However, the situation is fluid and the group could reactivate talks at any moment, Irish Examiner reported.
