Oil prices fall after Opec+ postpones meeting
International oil prices fell on Wednesday after a key ministerial meeting of the Organisation of the Petroleum Exporting Countries (Opec) and its allies was pushed back from Sunday to November 30. The Vienna-based organisation announced the postponement of the Opec+ alliance in a brief statement, without providing any explanation. The 13 Opec members headed by Saudi Arabia and ten partners led by Russia are due to decide on their output policy amid slumping crude prices and recent rumours of discord among alliance members. Global crude prices shed more than five percent following the surprise announcement. "Uncertainty is never good for financial markets, which now have to wait longer to get clarity what Opec+ will do next year," said UBS analyst Giovanni Staunovo. The postponement also signalled the existence of "different views among the group's participants", he added, confirming what two OPEC+ sources had said on condition of anonymity. The alliance has postponed ministerial meetings in the past, "but never for four days" indicating difficulties to reach agreement, said Jorge Leon of Rystad Energy. With oil prices plummeting below US$80 per barrel since peaking in September, analysts expect further production cuts by the alliance. But the great unknown is how the cuts would be implemented next year and potentially shared among members. In recent months, nine Opec+ members including Riyadh, Moscow, Baghdad and Dubai have reduced their output. Saudi Arabia bore the brunt, voluntarily slashing production by a further million barrels a day since July. (AFP)