NRGO - Is another oil price war possible? OPEC+ meets today

Bet_Noire/iStock via Getty Images Saudi Arabia and the United Arab Emirates headed into the boxing ring for another round on Monday, in a rare spat between the long-time allies over production policy. The clash puts markets in limbo as oil continues its surge above $75 per barrel. At issue is the current terms of "baselines," or the measure in which each country calculates its production cuts. The UAE feels its current level of 3.2M bpd from April 2020 is too low - and should be 3.8M bpd when the deal is extended into 2022 - but the Saudis and Russia have rejected any readjustments, fearing that other OPEC members will issue similar demands. What's at stake? Abu Dhabi is attempting to force the group to accept its request or risk unraveling the alliance. At the extremes of the equation, crude prices could make an outsized move in either direction. Failure

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Is another oil price war possible? OPEC+ meets today