Oil prices fall for fourth day in a row ahead of OPEC+ meeting
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Benchmark Brent crude futures traded below $80 a barrel after falling 2.3% over the last three sessions. The price of WTI oil dropped to $75. Bloomberg explains the fall in oil prices by traders’ expectations from the upcoming meeting of representatives of the OPEC countries, which was postponed from November 26 to November 30.
By the end of November, Brent had lost almost a fifth of its value from its high in September, which was recorded amid increased supply from non-OPEC+ countries. Bloomberg notes that the fall in oil prices was facilitated by a decrease in premiums for military risks that traders began to charge after the outbreak of war between Israel and the Palestinian Hamas movement.
On November 22, OPEC announced that the conference meeting previously scheduled for November 25 was postponed to November 30. On the same day, a meeting of the OPEC+ ministerial committee, originally scheduled for November 26, will also take place. According to Bloomberg, the dates for the OPEC and OPEC+ meetings were postponed because Saudi Arabia expressed dissatisfaction with other member countries about the level of oil production.
Why Saudi Arabia is increasing pressure on OPEC+ participants – in the material “Bargaining for oil quotas”.
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