OPEC+ Postpones Crucial Oil Production Meeting

The OPEC+ oil alliance has delayed its meeting to decide on crude production strategy to December 5. The meeting was rescheduled due to unsuitability for some members. A prior plan to gradually increase output faces challenges due to decreased demand and rising external production.

The OPEC+ alliance, responsible for about half of the globe's oil supply, has postponed a pivotal meeting to December 5. Sources within the organization confirmed the delay, initially reported by CNBC and later corroborated by Reuters.

According to insiders, the rescheduling came after key members found the original date, Sunday, unsuitable. Discussions had taken place among top ministers ahead of the scheduled meeting, with a focus on potentially delaying the increase in oil output initially slated for January.

The postponement introduces uncertainty into the group's strategy to roll back production cuts over the next two years. Such plans have been hindered by sluggish demand in China and globally, coupled with rising oil production from non-OPEC+ countries.

(With inputs from agencies.)