The failure of the Opec+ group to secure a deal on raising oil supplies has propelled crude prices to their highest level in at least three years.
Brent, the international benchmark, reached $77.84 a barrel on Tuesday — the highest point since 2018 — while US benchmark West Texas Intermediate hit $76.98 — the highest since 2014.
Why have Opec+ members fallen out?
The group agrees on the need to raise oil production, as demand has started to outstrip supply. But the United Arab Emirates, one of the most powerful members of the group after Saudi Arabia and Russia, has objected to extending an agreement first forged in April last year — when oil prices were tumbling — unless the group agrees to revisit how the emirates’ production target is calculated.
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