OPEC+ to Resume Oil Policy Talks on Monday After UAE Roadblock

LONDON/DUBAI/MOSCOW - 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 to the end of the year to cool oil prices that have soared to 2-½ year highs. Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, more than 40% up 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.