{"id":603,"date":"2021-07-06T17:04:27","date_gmt":"2021-07-06T17:04:27","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=603"},"modified":"2021-08-11T17:31:35","modified_gmt":"2021-08-11T17:31:35","slug":"oil-prices-jump-as-opec-fails-to-reach-a-deal","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/07\/06\/oil-prices-jump-as-opec-fails-to-reach-a-deal\/","title":{"rendered":"Oil Prices Jump as OPEC+ Fails to Reach a Deal"},"content":{"rendered":"\n<p>Oil prices have soared after the Organization of Petroleum Exporting Countries and its allies (OPEC+) left their tense meeting without a deal on the table.&nbsp;<\/p>\n\n\n\n<p>Two major oil producers, Saudi Arabia and the United Arab Emirates (UAE), fell out over plans to increase oil production despite <a href=\"https:\/\/edition.cnn.com\/2021\/06\/30\/investing\/gas-prices-oil-opec-meeting\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">rising demand<\/a>.<\/p>\n\n\n\n<p>The news has left the oil market with tight supplies and pushed oil prices even higher.&nbsp;<\/p>\n\n\n\n<p>Brent crude jumped 1.3% to $77.12 a barrel on Tuesday morning, the highest since 2018.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Brent Jumps After OPEC+ Fails to Reach Output Deal\" width=\"800\" height=\"450\" data-src=\"https:\/\/www.youtube.com\/embed\/3KvgClAHkD0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>U.S. West Texas Intermediate (WTI) futures stood at $76.36, around 1.6% higher than Brent\u2019s. At one point, WTI crude hit as high as $76.98, its <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2021\/07\/05\/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html\" target=\"_blank\">highest since November 2014<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"620\" height=\"348\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/620x-1.jpg\" alt=\"\" class=\"wp-image-606 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/620x-1.jpg 620w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/620x-1-300x168.jpg 300w\" data-sizes=\"(max-width: 620px) 100vw, 620px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 620px; --smush-placeholder-aspect-ratio: 620\/348;\" \/><\/figure>\n\n\n\n<p>The surge comes after the world\u2019s most powerful oil producers <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2021\/07\/02\/opec-meeting-oil-output-policy-decision-in-focus-as-prices-rise.html\" target=\"_blank\">canceled a Monday meeting<\/a> to discuss plans of lifting production curbs as demand for oil recovers following the coronavirus pandemic. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"803\" height=\"554\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/Pasted-image-1624878145906.png\" alt=\"\" class=\"wp-image-615 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/Pasted-image-1624878145906.png 803w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/Pasted-image-1624878145906-300x207.png 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/Pasted-image-1624878145906-768x530.png 768w\" data-sizes=\"(max-width: 803px) 100vw, 803px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 803px; --smush-placeholder-aspect-ratio: 803\/554;\" \/><\/figure>\n\n\n\n<p>For one thing, as world economies reopen, manufacturing picks up, and travel resumes, demand for oil is outpacing supply and sending prices through the roof.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/07\/06\/us-investors-earned-over-4-billon-bitcoin-2020-beating-china\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"US Investors Earned Over $4 Billion from Bitcoin in 2020, Beating China (opens in a new tab)\">US Investors Earned Over $4 Billion from Bitcoin in 2020, Beating China<\/a><\/h5>\n\n\n\n<h2 class=\"wp-block-heading\">OPEC members at a deadlock<\/h2>\n\n\n\n<p>In the United States, the average price of a gallon of regular gas stands at $3.13, up 44% from last year. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"780\" height=\"438\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/210427230914-gas-station-california-file-exlarge-169.jpg\" alt=\"Oil Prices Jump as OPEC and Partners Fail to Reach a Deal\" class=\"wp-image-605 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/210427230914-gas-station-california-file-exlarge-169.jpg 780w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/210427230914-gas-station-california-file-exlarge-169-300x168.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/07\/210427230914-gas-station-california-file-exlarge-169-768x431.jpg 768w\" data-sizes=\"(max-width: 780px) 100vw, 780px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 780px; --smush-placeholder-aspect-ratio: 780\/438;\" \/><\/figure>\n\n\n\n<p>The solution, analysts say, is for OPEC+ to pump more oil to meet surging demand. Members, however, disagree on how much oil should be added.&nbsp;<\/p>\n\n\n\n<p>The 23-nation coalition voted for a proposal to increase oil production by roughly 2 million barrels a day between August and the end of 2021. It also proposed to extend the remaining output cuts to the end of 2022.<\/p>\n\n\n\n<p>The UAE, however, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2021\/07\/04\/uae-unconditionally-supports-opec-supply-increase-minister-says.html\" target=\"_blank\">argued<\/a> that the baseline from which its share of cuts is calculated is too low. The West Asian nation said it would only accept the proposal if it is granted the same terms for calculating its quota as the Saudis. For one thing, the UAE has invested heavily in recent years to boost oil production and was OPEC\u2019s third-largest producer in 2020.<\/p>\n\n\n\n<p>The de facto leader of OPEC, Saudi Arabia, and the UEA have been close allies for many years. Relations between the two, however, have been tense more recently with analysts suggesting that the UEA could leave the group altogether if OPEC doesn\u2019t give the country what it\u2019s asking for.<\/p>\n\n\n\n<p>Oil prices are expected to keep pushing higher if producers don\u2019t boost their output to meet the growing demand for oil.<\/p>\n\n\n\n<p>With oil prices on the increase, is it wise to invest in oil?<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><a rel=\"noreferrer noopener\" href=\"https:\/\/www.community.ancstockinvestments.com\/\" target=\"_blank\">Join the ANC Trading Community and Find Out<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices are going through the roof as OPEC+ fails to reach a deal&#8230;<\/p>\n","protected":false},"author":3,"featured_media":614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3],"tags":[125,124],"series":[],"ppma_author":[463],"class_list":["post-603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","tag-oil","tag-opec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil Prices Jump as OPEC &amp; Partners Fail to Reach a Deal<\/title>\n<meta name=\"description\" content=\"Oil prices are going through the roof as OPEC and its allies fail to reach a deal over plans to increase oil production despite rising demand.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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