Oil group OPEC and its allies delay policy-setting meeting
Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. On 10 September 2023. In Brussels, Belgium. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images)
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Meetings of the influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have been rescheduled from Nov. 25-26 to Nov. 30, sending prices down by over $3 per barrel in Thursday intraday trade.
The OPEC Secretariat, which made the announcement, did not disclose the reason for the postponement.
It was not immediately clear whether the OPEC+ group would be holding a virtual or in-person meeting on Thursday, or whether ministers would still adjourn 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 and represents a key event for both the host United Arab Emirates — the third-largest OPEC producer — and for other Arab energy providers that are tackling the green transition.
This is a breaking news story and will be updated shortly.
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