2023-11-23 17:51:06
London (AFP) – Oil prices continued to decline on Thursday, the day following OPEC+’s sudden decision to postpone its ministerial meeting, indicating a new internal dispute in the bloc.
Published on: 11/23/2023 – 18:51
1 minutes
Major crude contracts fell due to the postponement of the upcoming OPEC Plus meeting, an alliance of major producers led by Saudi Arabia and Russia, from November 26 to 30.
Prices fell 1% Thursday, following falling regarding 5% Wednesday following the announcement.
Reports said that the decision was taken following Angola and Nigeria rejected the cuts called for by other countries, with Saudi Arabia preparing to extend the production cut by one million barrels per day into the new year.
Riyadh and Moscow revealed huge cuts earlier this year in an attempt to boost prices that have been under pressure due to the faltering economy in the United States, Europe, and China in particular.
SBI Asset Management analyst Stephen Innes noted, “Oil prices fell following OPEC announced a delay at the end of the week of its meeting, indicating a growing disagreement between OPEC+ producers.”
He added, “With the rise in production from the United States and non-OPEC countries, it would not be surprising if producers wanted to pump more oil, not reduce production, for fear of losing even a small portion of their market share.”
Bourse-Rel/H.S./S.K
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