Crude prices are trading at their highest level since 2018 this morning, Tuesday, July 6, after OPEC + canceled its indefinite meeting yesterday, as OPEC Secretary-General Muhammad Barkindo sent a message to OPEC member countries and independent producers led by Russia that the Cancellation of the eighteenth ministerial meeting of the organization and that the next meeting will be determined in due course.

\The cancellation of discussions in the OPEC + system came after the parties failed to persuade the UAE to change its position after its objection to the plan to extend production cuts until April 2022, and that the organization relies in its decisions on consensus.

The organization had voted 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.

Continuing the current pace of cuts beyond August supports the rise in crude prices, although there are some expectations that indicate that OPEC + may hold a meeting in the coming days to reach an agreement.

On the other hand, the administration of US President Joe Biden called on OPEC and independent allies to reach a solution that satisfies all parties.

American crude (NYMEX) is trading at levels of $76.93 a barrel, an increase of about 2.35%, the highest level of crude since October of 2018, while Brent crude is trading at levels of $77.68 a barrel, an increase of about 0.67%, the highest level since October 29, 2018.