Oil prices stagnate as OPEC+ plans to continue negotiations

Oil prices hardly moved at the start of the week, as a cautious market eyes stalling talks between the major oil-producing nations on future production policy.

A barrel (159 litres) of North Sea Brent cost $76.18 on Monday morning, about the same as on Friday. The price for a barrel of the US variety West Texas Intermediate (WTI) was – also hardly changed – $75.20.

Consultations by the OPEC+ oil association go into overtime on Monday. Before the weekend, the 23 countries had failed to agree on a common production policy.

Production should have been increased in monthly steps until the end of the year in order to meet rising demand, but a dispute between the oil power Saudi Arabia and the United Arab Emirates (UAE) has prevented an agreement.

The dispute reportedly revolves around both the extent of the production increase until the end of the year and the extension of the conditions under which OPEC+ operates.

Source: GNA