• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 11 minutes Forecasts for oil stocks.
  • 16 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 32 mins China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 6 hours California breaks 1 GW energy storage milestone
  • 1 day Colonial pipeline hack
  • 2 days Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 2 hours Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 3 days Survival of Oil and Gas industry.
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

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

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