There is growing apprehension about a potential decline in the international crude oil market as the Organization of the Petroleum Exporting Countries (OPEC) announced the postponement of its ministerial meeting to November 30.
In an official statement released on Wednesday, OPEC conveyed that the ministerial meeting of the OPEC+ alliance, initially slated for Sunday in Vienna, has been rescheduled to Thursday. The decision to delay the meeting, where the 13 OPEC members, led by Saudi Arabia, and their 10 partners, led by Russia, were set to decide on their output policy, coincided with a noticeable drop in global crude prices by approximately four percent.
The world oil prices have been on a downward trend since September, with Brent currently being traded below $80 per barrel. The OPEC+ alliance’s decision to reschedule the meeting has heightened concerns about the potential impact on the already fluctuating crude oil prices in the international market.
