OPEC: Still no Agreement

After talks that lasted for two days, the OPEC+ meetings ended without an agreement, as the group’s ministers canceled talks related to production after a dispute that erupted last week when the UAE objected to a proposed extension of production restrictions for an additional eight months, but in return it supported an increase in production without conditions.

This means that no agreement was reached on increasing production, arguing that the reference base points, on the basis of which the cuts are calculated, must be reviewed to be fair.

As the proposal combines increasing production and extending the duration of the cuts.

While the UAE Minister of Energy told CNBC Arabia, that the joint ministerial follow-up committee did not give options, but rather one option, which is to accept the two decisions together.

In the same context, a White House spokesman indicated that the Biden administration urges a “compromise,” noting that “the United States is closely monitoring the OPEC + talks and their impact on the global economic recovery from the Covid-19 pandemic.”

The international benchmark Brent crude contracts ended the trading session on Monday, up 1.3%, to record a settlement of $77.16 a barrel.

While crude contracts recorded $ 76.36 a barrel.