Crude is declining at the beginning of the week’s trading today, Monday, July 12, with the opening of the European markets by more than 1%, as Brent crude is trading at levels of $ 74.63 a barrel, down by about 1.22%, while American crude (NYMEX) is losing about 1.19%, trading at levels of 73.67 Dollars per barrel with rising concerns about the stalled talks between producers within the Organization of the Petroleum Exporting Countries and independent producers within the OPEC + system.

The organization had voted at its meeting last week to increase production by about two million barrels per day, starting from August to December of this year, in addition to extending the current cuts until the end of 2022, but the UAE objected to the last part of the vote regarding extending the current cuts, and accordingly fears rose in the markets that it would affect This disagreement over the main agreement and the start of production without any controls.

The latest reports that were issued indicated that there are efforts by Russia to bring Saudi Arabia, the largest producer of crude within OPEC, and the UAE back to the negotiating table, and to reach a mutually satisfactory agreement, but it is not expected that the meeting will take place during the current week.

In a related context, the state of concern in the markets about the acceleration of the outbreak of the new strain of the Corona virus (Delta) after it spread in more than 60 countries around the world has raised fears of slowing global economic growth and scarce supplies.