Crude prices recorded gains in the opening session of the week today, Monday, December 5, with the opening of the European session, despite the reduction of gains that exceeded 2% at the beginning of the Asian session, as crude benefits from the results of the meeting of OPEC and independent producer allies outside the organization, led by Russia, which kept its production targets.

In the organization’s regular meeting, which was held on Sunday, the so-called OPEC + alliance agreed to adhere to production goals and keep the current production policy unchanged, after it agreed at the October meeting on the reason for reducing production by about two million barrels per day by 2%, starting from November until the end of this year.

Although there were some expectations indicating that the organization might reduce production with crude declines in the recent period and the impact of the spread of Covid 19 on China, the largest importer of crude in the world.

The organization and independent allies confirmed that the next OPEC + meeting will be in February, as the frequency of the monthly meetings of the Ministerial Committee to monitor production has been modified to be every two months, with an emphasis on the possibility of requesting a meeting at any time if necessary to take more immediate measures in accordance with developments in market conditions.

On a related note, Russia warned the largest independent ally of the OPEC + system of sanctions imposed on it by the European Union last week, stressing that it will not accept the ceiling of its oil price of $60 and that it is currently analyzing how to respond.

Brent crude is trading at $86.08 per barrel, up by 0.60%, while American crude (NYMEX) is trading at $80.44 per barrel, up by 0.55%.