Crude oil prices plunged about 5 percent over two days since Wednesday, reportedly on concerns over future course of production cuts as the producers group unexpectedly delayed a meeting on output planned for Sunday.
OPEC+ delayed its ministerial meeting to November 30 from November 26 as previously scheduled, OPEC said in a statement.
The body, however, gave no reason for the postponement, Reuters reported.
Crude prices fell over 1 percent in early trading hours on Thursday, with WTI crude prices trading at $76.07, a 1.34 percent decrease, while Brent crude prices trading at $80.78, a 1.44 percent decline from Wednesday’s prices.
Thursday’s decline followed crude prices tanking 4 percent on Wednesday.
Reducing demands from China, the world’s biggest importer of oil, is said to be another reason impacting crude prices. The meeting of OPEC+, which includes Saudi Arabia, Russia and other allies and members of the OPEC group of oil-producing countries, had been expected to consider further changes to a deal that already limits supply into 2024, the Reuters report said, citing analysts and unnamed OPEC+ sources.
Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers.
Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.
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