The OPEC + panel of ministers reportedly still could not reach an agreement on whether they would postpone plans to increase oil production in January, causing oil prices to fall by more than 1% in today's Asian session.
The US WTI traded down 1.2% at $ 44.97 a barrel, while Brent crude fell 1.1% to $ 47.70 a barrel.
Most of the participants in the informal discussion on Sunday afternoon, supported to keep production cuts at current levels until the first quarter.
However, as Russian Energy Minister Alexander Novak spoke to continue the current level of production, the United Arab Emirates and Kazakhstan reportedly opposed the plan.
OPEC and its allies, including Russia, or better known as OPEC + have been pledged to cut crude oil production to offset markets affected by weak demand due to the Covid-19 pandemic crisis.
The group has planned to relax the commitment, but due to the resurgence of coronavirus worldwide, the market expects them to delay the plan.
The market focus is now on the official OPEC + meeting today and tomorrow which will decide whether to postpone plans to relax oil production cuts in January 2021.
