A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023.
REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsSummary OPEC+ had been scheduled to meet on SundayOil drops almost 5% as delay raises questions about output cutsDelay shows there are some different views in group - analystDUBAI/LONDON, Nov 22 (Reuters) - OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26, OPEC said in a statement on Wednesday, a surprise development that sparked a further drop in oil prices.
The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, an OPEC+ source said, declining to be named.
Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022.
This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.
Persons:
Leonhard Foeger, Giovanni Staunovo, Brent, Helima Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan
Organizations:
Organization of, Petroleum, REUTERS, Sunday, DUBAI, RBC Capital, Bloomberg News, Thomson
Locations:
Vienna, Austria, LONDON, Russia, OPEC, OPEC's Vienna, Saudi Arabia