OPEC+ postpones meeting, agrees not to increase oil output – Reuters

Eren Sengezer FXStreet

Citing sources familiar with the developments, Reuters reported on Monday that OPEC and non-OPEC producers, the group known as OPEC+, have decided to postpone the meeting, which means there will not be an increase in the oil output.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) co-chairs have required more time to discuss the United Arab Emirates' (UAE) position, Reuters added.

"UAE's position remains unchanged," sources said. "UAE supports oil increase but no extension without reviewing its baseline."

Market reaction

Crude oil prices edged higher following this headline and the barrel of West Texas Intermediate was last seen trading at $75.75, where it was up 0.88% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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