OPEC+ Meeting Postponement Causes Oil Prices to Drop

Disagreements within the group over production cuts and quota revisions lead to delay, impacting global oil markets.

OPEC+ has postponed its meeting from November 26 to November 30, causing oil prices to drop over 4% due to speculation that the group might not deepen output cuts next year.
The delay is reportedly due to disagreements within the group, particularly from Saudi Arabia, over members' compliance with voluntary production cuts.
Several African countries, including Angola and Nigeria, are seeking to raise their 2024 supply quotas, causing further tension within the group.
Despite the postponement, analysts predict that OPEC+ is likely to extend or even deepen oil supply cuts into next year.
Global oil markets have reacted to the delay with major stock markets in the Gulf falling and Brent crude trading below $80 a barrel.