OPEC+ meeting postponed to November 30‎

OPEC said in a statement on Wednesday that OPEC+ postponed its ministerial meeting to determine production policy to November 30 instead of November 26, in a surprising development that led to a further decline in oil prices.

According to Reuters, the OPEC+ meeting was expected to discuss further changes to the agreement, which already limits supplies until 2024, according to analysts and sources in OPEC+.

Before OPEC’s statement, Bloomberg quoted delegates saying that the meeting may be postponed for an indefinite period.

Brent crude fell by more than $3 per barrel, or about 4%, to fall below the level of $80 per barrel.

The price fell from about $98 in late September, weighed down by rising supplies, concerns about demand and a potential economic slowdown.