OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.

Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t public. The group didn’t agree on a date for its next meeting, according to a statement from OPEC Secretary-General Mohammad Barkindo.

The most immediate effect of the breakdown in talks is that, for now, OPEC+ won’t increase production for August, depriving the global economy of vital extra supplies as demand recovers rapidly from the coronavirus pandemic.

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