Drilling rigs operate at sunset in Midland, Texas, US. Fie photo: REUTERS/NICK OXFORD
Brent prices have fallen nearly 5% since Monday’s close after talks between oil cartel Opec and its allies, including Russia, known as Opec+, fell apart when de facto leader Saudi Arabia refused demands from the United Arab Emirates to raise its output under the group’s supply cut agreement. The group is maintaining nearly 6-million barrels per day of output cuts and was expected to add to supply, but three days of meetings failed to close divisions between the Saudis and the Emiratis.
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