OPEC+ Crisis Propels Oil to Six-Year High – Economic Recovery at Stake


Bloomberg: Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.

West Texas Intermediate crude advanced to $76.98 a barrel, the highest since November 2014, as the breakdown in talks left the market without the extra supplies for next month it had been counting on.

“By the God of your father who will help you,
And by the Almighty who will bless you
With blessings of heaven above,
Blessings of the deep that lies beneath,
Blessings of the breasts and of the womb.” Genesis 49

What happens next will determine whether the standoff could escalate into a conflict as destructive as last year’s price war.