OPEC+ Calls off Oil Output Discussions

On Monday, OPEC+ ministers called off oil output discussions without setting a new date, implying that no deal to enhance production had been reached.

According to Reuters, the failure to reach an agreement on Monday means that a planned increase in oil output from August will not happen, boosting worldwide benchmark Brent crude, which was trading approximately 1% higher at close to $77 a barrel.

Oil prices have risen to their highest level since 2018, raising fears that inflation would sabotage the global recovery from the pandemic.

As the pandemic hit, OPEC+ agreed to record output cuts of around 10 million barrels per day (bpd), or approximately 10% of global output. They have steadily been reduced to around 5.8 million bpd.