Energy

Failure of OPEC+ talks threatens unity, may cause weak oil prices

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An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.

Simon Dawson | Bloomberg | Getty Images

The collapse of talks between OPEC and its allies highlights the risks of the group’s unity breaking down and renews concerns about a possible oversupply of oil, a commodity strategist told CNBC. 

The energy alliance, referred to as OPEC+, was set to resume talks Monday, but discussions have been called off indefinitely. That comes after the group twice failed to reach a key deal on their oil output policy last week.

The group had sought to increase supply by 400,000 barrels per day from August to December 2021 and…



Source cnbc.com

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