VIENNA (Dispatches) - OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact.
The standoff could delay plans to pump more oil through the end of the year to cool oil prices that have soared to two-and-a-half-year highs.
Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, up more than 40 percent this year. Consumers want more crude to aid a global recovery from the COVID-19 pandemic.
The rise in oil prices is contributing to global inflation, slowing the economic recovery from the coronavirus crisis.
OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and their allies, voted on Friday to increase output by around 2 million barrels per day (bpd) from August to December 2021 and to extend remaining cuts to the end of 2022, instead of ending in April 2022, OPEC+ sources said.
The UAE agreed to release more oil into the market but refused to support the extension of the cuts.
Talks resume on Monday, OPEC+ said in a statement.