Reuters reported on Monday, citing individuals familiar with the situation, that OPEC and non-OPEC producers, known as OPEC+, have chosen to postpone the meeting, implying that there will be no rise in oil supply.
According to Reuters, the co-chairs of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) have requested extra time to review the UAE’s position.
According to sources, “UAE’s attitude remains unaltered.” “The UAE supports an increase in oil production, but not beyond that without a review of the baseline.”
Following this news, crude oil prices rose slightly, and a barrel of West Texas Intermediate was last seen trading at $75.75, up 0.88 percent on the day./n
