OPEC+ has moved a ministerial meeting to discuss oil output cuts from November 26 to November 30, according to a statement issued by OPEC on Wednesday, causing oil prices to fall further.
According to analysts and OPEC+ sources, the meeting of OPEC+, which includes OPEC nations such as Saudi Arabia and allied oil producers such as Russia, was expected to consider further changes to a deal that already limits supply until 2024.
“The 187th Meeting of the OPEC Conference, the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC), and the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 25 and 26 November 2023, have been rescheduled to Thursday, 30 November 2023,” the statement read.
OPEC is an organisation enabling the cooperation of leading oil-producing countries to collectively influence the global oil market and maximize profit.
The organisation is an intergovernmental institution comprising 13 Member Countries that seek to coordinate petroleum policies and support balance in the oil market.
The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, according to reports.
