OPEC+ meeting postponed to November 30‎

Sources in OPEC Plus said that the alliance postponed a ministerial meeting that was expected to discuss oil production cuts to November 30 instead of the 26th of the same month.

According to Reuters, three OPEC Plus sources reported that this postponement is linked to African countries

Giovanni Stanovo, an analyst at UBS Bank, said: “Uncertainty is not good for the financial markets, as the markets will now have to wait longer to get a clear picture of what OPEC Plus will do next year.”

He added that the meeting was postponed and that there was a difference in views of the group’s participants

Brent crude fell 49 cents to $81.96 per barrel upon settlement, recovering from previous losses approaching 5% after news emerged that the dispute was linked to African producing countries among the small exporters in OPEC, and this led some investors and analysts to reduce the importance of the issue which caused the postponement

Many analysts expected that OPEC Plus would likely extend or even increase oil supply cuts next year.