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OIL: Upcoming OPEC+ Meeting Delayed Until December 5: Delegates

OIL
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OPEC+ has postponed its upcoming meeting until December 5 according to a wide range of sources led stories as it battels trying to bring barrels back to the market. It is pushed back from December 1.

  • The group is trying to work out a timeline for bringing barrels back to the market, having already pushed back their return twice.
  • OPEC+ was aiming to bring back 180,000 bpd in January but delegates said earlier this week that talks had begun on delaying the move – possibly by months.
  • The formal reason for the delay is conflicting travel for delegates but it is common for the group to shift dates in the past when trying to sort out new deals.
  • Crude slipped as reports came out about the delay, signaling to the markets that OPEC+ is struggling to control supplies to the market.
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OPEC+ has postponed its upcoming meeting until December 5 according to a wide range of sources led stories as it battels trying to bring barrels back to the market. It is pushed back from December 1.

  • The group is trying to work out a timeline for bringing barrels back to the market, having already pushed back their return twice.
  • OPEC+ was aiming to bring back 180,000 bpd in January but delegates said earlier this week that talks had begun on delaying the move – possibly by months.
  • The formal reason for the delay is conflicting travel for delegates but it is common for the group to shift dates in the past when trying to sort out new deals.
  • Crude slipped as reports came out about the delay, signaling to the markets that OPEC+ is struggling to control supplies to the market.