Oil prices came under pressure on Monday, with WTI crude falling towards $45 a barrel on doubts whether OPEC and other oil-exporting countries could agree in postpone its planned production increase in January.
The cartel is due to meet this week to discuss such move in the light of a worsening pandemic. Still, promising developments toward a coronavirus vaccine brightened the outlook for fuel consumption, driving the US benchmark to multi-month highs last week and putting it on track for its best month since May.
Top energy decision makers from across the OPEC are scheduled to meet today (Monday) in furtherance of the 23-nation network’s consideration oil output.
Today’s full OPEC ministerial meeting comes ahead of tomorrow’s meeting between OPEC and its allies, a 23.nation network otherwise known as OPEC+.