The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and the United Arab Emirates (UAE), which resulted in a failure to decide future production levels last week, sources at OPEC+ told Reuters on Monday. The UAE blocked a deal on OPEC+ raising oil production from August, making any agreements contingent on revising the “unfairly low” Emirati baseline from 2018. Despite mediation, consultations, and side talks in the first weekend of July—after two days of ‘no deal’ outcome of meetings—OPEC+ failed a third time on July 5, called off the OPEC+ meeting, and said it hadn’t decided yet when the next meeting would be held. After initially rising on the news that as-is, no production would be added from OPEC+ in August, the oil market started to digest later in […]