The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, said on Friday that they paused the talks on the much-expected production policy after July for a second time.
The 18th Ministerial Meeting had been scheduled to take place on Thursday however, after failing to reach a consensus on their plan about the production scheme as of August, the meeting was dissolved to continue on Friday.
Postponed for a second time, the meeting will now resume on Monday.
The group had previously agreed to gradually return 2.1 million barrels per day (bpd) of supply to the market during May through July, after which the curbs still in place will stand at 5.8 million bpd.
By the time the group announced their decision to delay the meeting, Brent oil price increased 0.42% to reach $76.16 per barrel after closing previous session at $75.84 a barrel.
American benchmark West Texas Intermediate (WTI) was steady at $75.23 per barrel at the same time.
By Sibel Morrow