Oil prices continue to soar as OPEC failed to conclude a production deal

Oil continued to increase in price as supply is expected to remain limited since OPEC failed to reach an agreement about production.

Negotiations on the topic lasted for several days, but unfortunately did not end with a positive result because the dispute between UAE and Saudi Arabia was not resolved. And according to Mohammed Barkindo, secretary general of OPEC, the group did not set a date for a next meeting.

So, output is unlikely to rise in August, which is really concerning since demand is growing.

And with oil prices hitting nearly $ 80 a barrel, there will certainly be pressure from consumer countries worried about rising inflation.

The result of the recent OPEC meeting is deplorable, but it seems that relations between some members have deteriorated, so there is almost no chance of a compromise.

This situation undermines the group's reputation as a responsible steward of the oil market, not to mention raises fears that there may be another price war just like last year.