Oil Spikes As OPEC+ Bicker Over How To Equitably Reopen The Spigots

08.07.2021, 08:17 forbes.kz

Early Monday word was that the cartel had tentatively agreed to a deal that would have seen them adding back 400,000 barrels per day, per month, through April 2022. But this was kiboshed when OPEC, after intense weekend talks, disbanded the meeting without even holding its planned Monday discussions. No sense in starting a meeting you don’t know how to end. The disagreement wasn’t over the need to boost oil output, but how to go about it. Big oil has a big problem. It’s running out of oil → OPEC a year ago slashed output by some 10 million barrels as oil demand collapsed amid Covid-19 lockdowns.They continue to hold some 6 million bpd off the market, but weren’t intending to for long. The 2