• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 2 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Why OPEC+ Failed To Put $80 Floor Under Oil Prices

Why OPEC+ Failed To Put $80 Floor Under Oil Prices

The key disappointment for the…

Oil Prices Set for Third Weekly Loss in a Row

Oil Prices Set for Third Weekly Loss in a Row

OPEC+'s potential supply increases have…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Steady As OPEC+ Battles To Break Deadlock

Pipelines

Oil prices were little changed and trading only slightly down early on Monday while the market is waiting for the OPEC+ group to begin a third day of meetings to try to reach a consensus about oil production levels in the coming months.

As of 10:15 a.m. EDT on Monday, WTI Crude prices were slightly down by 0.03 percent, trading at $75.15, and Brent Crude was trading down 0.08 percent, at $76.10 a barrel.

At 11:00 a.m, the OPEC+ meeting, scheduled to begin at 3 p.m. Vienna time (9 a.m. EDT), had not started yet, with reports emerging that side talks continue. There is a push from some member states to convince the group that a collective compromise is needed, Amena Bakr, Deputy Bureau Chief  and Chief Opec Correspondent at Energy Intelligence, reported.

The standoff between the United Arab Emirates (UAE) and Saudi Arabia continued unresolved over the weekend and early on Monday before the third day of the OPEC+ meeting.

The UAE is blocking a deal that would see the group raise production and extend the pact beyond April 2022, unless it gets a revision of its baseline for the production cuts. The UAE is not opposed to easing of the cuts, but it wants its baseline to be revised up by around 700,000 barrels per day (bpd) from the current baseline level.

Commenting on today’s crude oil price, Saxo Bank analysts said that market participants were “trying to decipher what happens next within the OPEC+ group following a rare diplomatic spat between the UAE and Saudi Arabia.”

“At stake if the unity weakens, is the group's ability to continue to control prices, and with this in mind the market is still refusing to believe that a deal will not be struck eventually,” Saxo Bank’s strategy team noted early on Monday.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News