The OPEC+ alliance fell into bitter infighting after a key member blocked a deal at the last minute, casting doubt on the group’s ability to reach an agreement to ease a surge in oil prices. The unexpected turn of events leaves consumers in limbo, unsure of whether OPEC+ will help to ease the inflationary pressures caused by tight oil supply. It also tarnishes the cartel’s carefully reconstructed reputation, raising the specter of the destructive Saudi-Russia price war that crashed the global crude market last year as the Covid-19 pandemic took hold. Earlier on Thursday, the Organization of Petroleum Exporting Countries and its allies appeared to have an agreement in principle to boost output by 400,000 barrels a day each month from August to December. The deal would also have extended the duration of the OPEC+ deal, setting the final expiry of the cuts in December 2022 instead of April. […]