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Oil prices stagnate as OPEC+ plans to continue negotiations

July 5, 2021
oil and gas

Frankfurt, July 5 (BNA): 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, according to dpa international.

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.

There is a 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.

bna