World oil prices fell by over 1%

Oil prices fell on Thursday morning after falling the day before amid news of the postponement of the OPEC+ ministerial meeting and a sharp increase in US inventories, Report informs via Interfax.

January Brent futures fell in price on the London ICE Futures exchange by $0.98 (1.2%) to $80.98 per barrel.

January futures for WTI fell in price on the New York Mercantile Exchange (NYMEX) by $0.83 (1.08%), to $76.27 per barrel.

Activity in the market is reduced due to the Thanksgiving holiday in the United States.

On Wednesday it was reported that the meeting of OPEC+ ministers was postponed from November 26 to November 30. The OPEC conference meeting previously scheduled for November 25 has also been postponed to November 30.

Bloomberg reported that OPEC+, which had planned a meeting this weekend, appeared to be facing problems as Saudi Arabia expressed dissatisfaction with other member countries over production levels.

Sources said that as of Wednesday morning, it appeared that the OPEC+ conference could be postponed indefinitely. Saudi Arabia, which has been cutting production by an additional 1 million barrels per day since July, has been in difficult negotiations with other members over production levels.

Rystad Energy estimates that in the absence of further production cuts, oil prices will remain around $80 per barrel in 2024. The company notes that meetings of the OPEC+ ministerial committee have never been postponed for four days.