(Bloomberg) -- Oil fell for a third day as OPEC+ sought more time to reach a deal on production policy after a meeting broke down without an agreement.Futures were 0.8% lower in New York. Ministers will now meet on Thursday rather than Tuesday to allow more time to deliberate on whether to delay a planned increase in output from January. While some see the market as too fragile to absorb additional barrels, others are keen to pump more to take advantage of higher prices following Covid-19 vaccine breakthroughs.There had been some consensus building between ministers around keeping cuts for another three months, but friction has emerged with the United Arab Emirates on quotas, while Kazakhstan wavered on an extension.Oil has just capped its biggest monthly increase since May on optimism energy demand will rebound as Covid-19 vaccines are rolled out in the coming weeks. OPEC+ talks have been complicated by the price gain and cracks have appeared in the alliance, with Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman signaling his dissatisfaction with the situation on Monday by telling others he may resign as co-chair of a committee that oversees the output deal.“OPEC+ is stuck between a rock and a hard place because near-term indicators show Europe and U.S. demand is weak, but Asia is stronger,” said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia. “Even though it’s a sign that the fracture within the group is deep, the fact that they’re willing to give two days to sort out disagreements is a positive sign.”See also: Dirty Fuel Demand Jumps With More Ships Running Pollution KitsOPEC+ is likely to agree on a face-saving compromise, with a short extension the probable outcome followed by a phased return of production, according to RBC Capital Markets. OPEC’s president last week warned of a new oil surplus if the alliance started adding more barrels to the market.Global fuel demand, meanwhile, still remains shaky. Indian diesel sales in November dropped year-on-year after a festive boost in consumption proved fleeting, while a slow Thanksgiving for U.S. gasoline demand is foreshadowing what will likely be a tough season for fuel producers.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.