• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 1 day e-truck insanity
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 7 days China deletes leaked stats showing plunging birth rate for 2023
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming

Breaking News:

Asia Coal Imports Remain Strong in June

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

The second-largest oil-producing U.S. state,…

Canada Looks to Challenge China’s Rare Earth Dominance

Canada Looks to Challenge China’s Rare Earth Dominance

Canada secures rare earth minerals…

Oil Prices Drop Amid Report OPEC+ Meeting Will Be Delayed

Oil prices dipped early on Wednesday as a report emerged that this weekend’s meeting of the OPEC+ group will be delayed.

The November 26 meeting of the ministers of the OPEC+ alliance will be postponed due to OPEC leader Saudi Arabia expressing dissatisfaction over the production levels of the other members, delegates have told Bloomberg.

The meeting may be delayed for an unspecified period of time, according to the anonymous delegates who told Bloomberg that the Saudis have been in talks with the other oil producers about their output.

The Kingdom will likely try to persuade other OPEC+ members to make more cuts, hedge fund manager Pierre Andurand told Bloomberg earlier on Wednesday.

Oil prices were down by 1.7% early on Wednesday as the market expects the OPEC+ meeting and the weekly U.S. inventory report from the EIA later today.

Speculation is growing that OPEC’s top producer, Saudi Arabia, will extend its voluntary cut of 1 million barrels per day (bpd) into 2024, considering the latest slide in oil prices to $80 and the typically weak period for oil demand in the first quarter of every year. Market talk is also intensifying that OPEC+ could announce a deeper cut at the group’s meeting in the weekend November 25-26.

The recent weakness in oil prices “has increased noise over what OPEC+ will decide to do at its meeting on 26 November. We continue to expect that Saudi Arabia and Russia will roll over their additional voluntary cuts into early 2024,” ING strategists Warren Patterson and Ewa Manthey wrote on Monday. 

“However, what is less clear is whether the broader OPEC+ group will make further cuts,” they added.

ADVERTISEMENT

A deeper group cut combined with the Saudis and Russians rolling over their voluntary reduction would wipe out the currently expected market surplus in the first quarter of 2024, the strategists noted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Carlos Blanco on November 22 2023 said:
    OPEC has become irrelevant now. It is and it has always been a vehicle for the Saudis to exert their power. This is why Guyana and Brazil declined the invitation to join the obsolete group.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News