OPEC+ stumbles, but an eventual compromise may be bearish for crude

The question for market participants is whether they believe the ongoing recovery in demand is strong enough to offset the likely addition of barrels from OPEC+, as well as from producers outside the group keen to take advantage of the current strength in prices.

LAUNCESTON, Australia: The OPEC+ group of oil exporters is struggling to reach a compromise over just how much more crude to supply to the market, but assuming a deal is eventually cut, it's likely to be bearish for prices.

The group had agreed last week to boost its production by a total of 2 million barrels per day (bpd) from August to December. But that accord wasn't ratified after the United Arab Emirates (UAE) wanted changes that would allow it to increase its output by a larger amount.