Crude prices are recording rises in the middle of the opening session of the week today, Monday, July 5th, as Brent crude rises by about 0.39%, trading at levels of 76.47 dollars per barrel, while US crude (NYMEX) is trading at levels of 75.46 dollars per barrel, an increase of about 0.40%.

OPEC + ministers resume talks today, Monday, after the organization and its independent allies failed to reach an agreement on production policy in last week’s talks, as the UAE objected to extending the current production cut of 5.8 million barrels until April 2022 before reviewing its production line, while at the same time supporting an increase in production. Production is about 2 million barrels, starting from August to December of this year.

On Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman called for a settlement and rationality with the UAE to obtain consensus on Monday.

On the other hand, the UAE Energy Minister Al Mazrouei indicated that the UAE is not against the extension, but the increase in production should be separated from the extension of the current agreement to December, as he considered it unfair in terms of the base point of reference for reducing production.