Oil prices stagnate as OPEC+ amid Saudi Arabia, UAE feud

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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 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.

Consultations by the OPEC+ oil association went 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 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 the extent of the production increase until the end of 2021 and the extension of the conditions under which OPEC+ operates.

(dpa/NAN)

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