OPEC+ Talks Delayed as Divisions Deepen Over Oil Output

The transcript discusses the delay of a crucial meeting due to internal discord among group members like UAE and Iraq. It highlights the challenges faced by the group, particularly the rising crude oil prices. Brent crude prices have increased by almost 30% since November, driven by expectations of a COVID-19 vaccine boosting fuel demand. This price rise could reduce the urgency to delay planned output hikes, as higher prices may encourage some members to increase production, especially those under fiscal strain. Despite the price gains, current oil prices remain below the fiscal break-even point for many producers.

What role does the expectation of COVID-19 vaccine play in the oil market?

In what ways could higher oil prices affect the urgency to reach a consensus on production output?