BUSINESS

Oil prices stagnate as OPEC+ continues negotiations

Published

3 years ago

July 5, 2021

Halima Sheji

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

A barrel (159 litres) of North Sea Brent cost 76.18 dollars on Monday morning, about the same as on Friday.

The price of a barrel of the U.S. variety West Texas Intermediate (WTI) was also hardly changed from 75.20 dollars.

Consultations by the OPEC+ oil association goes 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 2021 and the extension of the conditions under which OPEC+ operates.

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Halima Sheji

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