Brent crude traded at $77.34 a barrel on Tuesday morning, a jump of about 0.2% after OPEC+ abandoned Monday production talks, CNBC reports.
- OPEC+ abandoned Monday talks that would have addressed production differences between Saudi Arabia and the United Arab Emirates, after failing to agree on output policy last week.
- The group is yet to agree on oil production policy beyond July despite having not set a new date for talks.
- The infighting within OPEC+ has left analysts questioning whether UAE and some disgruntled members will remain committed to the group.
- Analysts read more than just oil policy, with commodity analyst Helima Croft of RBC Capital Markets warning that some members want to step out of Saudi’s shadow.
The recent spat between Saudi and UAE adds fuel to an already existing discord following price wars between the former and Russia, that started last year.
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