OPEC+ to resume crisis talks as Saudi Arabia and the UAE remain at loggerheads over oil output

OPEC+ to resume crisis talks as Saudi Arabia and the UAE remain at loggerheads over oil output

LONDON — Oil producer group OPEC will resume talks on Monday with non-OPEC partners, seeking to broker a deal on crude output after the group . The energy alliance, often referred to as OPEC+, on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments. It also proposed to extend the remaining output cuts to the end of 2022. The United Arab Emirates , however, blocking an agreement for the second consecutive day to leave oil markets in limbo over the weekend. "For us, it wasn't a good deal," UAE Minister of Energy and Infrastructure Suhail Al Mazrouei CNBC's Hadley Gamble on Sunday. He added that while the UAE was willing to support a short-term increase in oil supply, it wants better terms through 2022. Speaking to the Saudi-owned Al Arabiya television channel on Sunday, Saudi Arabia's Energy Minister Abdulaziz bin Salman called for " " in order to reach a deal on Monday, Reuters reported. OPEC+, which is dominated by Middle East crude producers, agreed to implement massive crude production cuts in 2020 in an effort to support