# OPEC+ abandons oil policy meeting after Saudi-UAE clash | Reuters

> OPEC+ talks ended without agreement after a dispute between Saudi Arabia and the UAE over production baselines. The failure concerned an planned oil output increase from August.

- Date: 2021-07-05 · published 2021-07-05T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/46224-opec-abandons-oil-policy-meeting-after-saudi-uae-clash-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lack of a deal raised the prospect of uncoordinated supply, pushing Brent crude higher. Higher crude lifts diesel and biofuel feedstock costs, supporting vegetable oil and grain prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-07-06 | 1 | -2.4% | -3.2 | Collapse of OPEC+ talks on July 5 left the planned August output increase in doubt; the resulting uncertainty (possible production free-for-all) and sentiment shift plausibly drove the Brent drop on July 6. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-01-30 | [OPEC+ seen sticking with oil output policy at Feb. 1 meeting - delegates \| Reuters](https://feedsoft.ai/events/37685-opec-seen-sticking-with-oil-output-policy-at-feb-1-meeting-delegates-reuters.md) | -7.7% | -3.8% |
| BRENT | 2024-01-03 | [OPEC+ promises unity as group plans monitoring meeting \| Reuters](https://feedsoft.ai/events/32311-opec-promises-unity-as-group-plans-monitoring-meeting-reuters.md) | +2.3% | +9.8% |
| BRENT | 2019-10-01 | [OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey](https://feedsoft.ai/events/56738-opec-oil-output-sinks-to-lowest-since-2011-after-saudi-attacks-reuters-survey.md) | -3.3% | +0.2% |
| BRENT | 2019-07-31 | [OPEC oil output hits lowest since 2011 on Saudi cut, sanctions: Reuters survey](https://feedsoft.ai/events/58012-opec-oil-output-hits-lowest-since-2011-on-saudi-cut-sanctions-reuters-survey.md) | -7.6% | -7.3% |
| BRENT | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.4% | -12.8% |
| WTI | 2023-01-30 | [OPEC+ seen sticking with oil output policy at Feb. 1 meeting - delegates \| Reuters](https://feedsoft.ai/events/37685-opec-seen-sticking-with-oil-output-policy-at-feb-1-meeting-delegates-reuters.md) | -7.9% | -5.2% |
| WTI | 2024-01-03 | [OPEC+ promises unity as group plans monitoring meeting \| Reuters](https://feedsoft.ai/events/32311-opec-promises-unity-as-group-plans-monitoring-meeting-reuters.md) | +2.6% | +7.9% |
| WTI | 2019-10-01 | [OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey](https://feedsoft.ai/events/56738-opec-oil-output-sinks-to-lowest-since-2011-after-saudi-attacks-reuters-survey.md) | -2.5% | +2.9% |

## Sources

- reuters.com: https://www.reuters.com/world/middle-east/opec-resumes-oil-policy-talks-amid-saudi-uae-standoff-2021-07-05/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.