Oil prices jumped to the highest level in three years after Opec and its allies abandoned a decision over increasing oil production, as Saudi Arabia, Russia and the UAE struggled to reach a compromise.
Opec+ oil ministers had been due to reconvene on Monday after failing to reach a deal at the end of last week, with the UAE chafing over a supply target it believes is too low and that underestimates its production capacity.
But with high-level bilateral talks unable to break the impasse and find the required unanimity of views ahead of the formal meeting’s planned start, the virtual gathering was cancelled.
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