Crude oil prices were down on Monday as a meeting between OPEC and non-OPEC oil producing member states scheduled for Monday is postponed to Thursday, raising the question as to whether the group will be able to agree deeper production cuts.
International benchmark Brent crude was trading at $30.23 per barrel at 0603 GMT on Monday for a 1.05% loss after closing Friday at $30.55 a barrel.
American benchmark West Texas Intermediate was at $27.85 a barrel at the same time for a 2.28% decline after ending Friday at $28.50 per barrel.
Oil producing countries of OPEC and its allies, dubbed as OPEC+, were scheduled on Monday to discuss via teleconference the current situation of the global oil market and low crude prices.
The meeting, however, is now postponed to Thursday due to tensions between OPEC heavyweight Saudi Arabia and non-OPEC leader Russia, according to media reports.
U.S. President Donald Trump, having talked to the leaders of both countries on April 2, said he was expecting them to lower their total crude oil production by 10 to 15 million barrels per day -- a move that caused a 16% spike in prices.
The two oil producing giants failed on March 6 to agree on deeper and longer cuts in the total production level of OPEC+ against the coronavirus (Covid-19)-related low oil demand around the world.
Crude prices plummeted on March 30 to their lowest level since 2002 due to low oil consumption worldwide and with the rapid increase in the global oil supply glut.
By Ovunc Kutlu