2023-11-23T05:22:03+00:00
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Oil prices fell by more than one percent today, Thursday, continuing the losses of the previous session, after OPEC+ postponed a ministerial meeting, leading to speculation that producers may reduce production less than previously expected.
By 02:30 GMT,Brent crude futures fell $1.04, or 1.3%, to $80.92 per barrel, after falling as much as 4% on wednesday.
US West Texas Intermediate crude fell 90 cents, or 1.2%, to $76.20, after falling as much as 5% in the previous session.
In a surprise move, the institution of the Petroleum Exporting Countries and its allies, including Russia, postponed to November 30 a ministerial meeting in which they were expected to discuss oil production cuts.
OPEC+ sources said that producers are finding it difficult to agree on production levels and then possible cuts before the meeting originally scheduled for November 26.
Analysts said that Angola, Congo and Nigeria are seeking to raise supply quotas for 2024 above the interim levels agreed upon at the OPEC+ June meeting.
Angola and Congo are producing below their 2024 production targets, while Nigeria has been able to increase production above the target due to the improved security situation in the oil-rich Niger Delta.
US oil rigs remained unchanged at 500 in the week ending November 22, energy services company baker Hughes (BKR.O) said in its closely watched report on Wednesday.
Meanwhile, the US Coast Guard said on Wednesday that about 3% of crude oil production in the Gulf of Mexico, or about 61,165 barrels of daily production, was halted due to a leak in an underwater pipeline.