OPEC oil alliance at impasse between Saudi Arabia and UAE
DUBAI, United Arab Emirates (AP) — Talks among members of the OPEC cartel and allied oil producing countries have broken off in the midst of a standoff with the United Arab Emirates over production levels. No new date has set for resuming talks. That leaves oil markets in a state of at least temporary uncertainty about future supply as demand for fuel continues to recover from the worst of the coronavirus pandemic. Despite the public clash, oil markets are trading only modestly higher. There are concerns that if an agreement cannot be reached, the alliance could break apart, potentially triggering a price war and swings in global oil prices at a time of uncertainty.