Oil prices peaked briefly before plummeting again on Tuesday after the OPEC meeting scheduled for a day earlier was canceled due to the Saudi-UAE clash over a disagreement.
According to details, Brent Crude Oil touched $77.84 per barrel, its highest price since October 2018, before settling down to $74.53 per barrel on Tuesday.
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WTI Crude Oil reached $76.98 per barrel, its highest price since November 2014, before coming down to $73.37 per barrel on Tuesday.
On Monday, OPEC+, which includes OPEC members, Russia, and other oil producers, decided to abandon the OPEC meeting after a series of talks failed to bring Saudi Arabia, OPEC’s largest producer, and UAE on a converging point.
Saudi Arabia and UAE clashed over how OPEC producers plan to increase oil output and extend existing OPEC+ restrictions on oil production.
Saudi Arabia proposed to raise the oil output of OPEC producers in stages by a total of 2 million barrels per day (BPD) between August and December and wanted to extend current OPEC+ curbs until the end of 2022, instead of letting them expire as planned in April 2022.
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Although UAE supported the proposal of increasing the oil output by 2 million BPD, it rejected the idea of extending the OPEC+ restrictions beyond April 2022.
Sources inside OPEC+ remain optimistic that OPEC members would resume talks later this month to agree to increase the oil production from August and negotiate over the existing restrictions. However, no date for further talks has been announced.
