OPEC+ Meetings Rescheduled, Sending Oil Prices Down
The influential Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, have rescheduled their meetings from November 25-26 to November 30. This announcement caused oil prices to drop by over $3 per barrel in Thursday’s intraday trade.
The reason for the postponement was not disclosed by the OPEC Secretariat, which made the announcement. It is unclear whether the OPEC+ meetings will be held virtually or in-person on Thursday, or whether ministers will still convene at the OPEC secretarial headquarters in Vienna.
The new date of the OPEC+ meetings coincides with the first day of the Conference of the Parties climate summit (COP28) in Dubai. This is a significant event for the host, the United Arab Emirates, which is the third-largest OPEC producer, as well as for other Arab energy providers that are dealing with the green transition.
This news story is still developing and will be updated shortly.
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