NEW YORK (Reuters) - OPEC+ has delayed its ministerial meeting to set output policy 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 meeting of OPEC+, which includes Saudi Arabia, Russia and other members of the OPEC+ group of oil-producing countries, had been expected to consider further changes to a deal that already limits supply into 2024, according to analysts and OPEC+ sources.
Before the OPEC statement, Bloomberg News reported that the meeting could be delayed for an unspecified period of time citing delegates who said Saudi Arabia had expressed its dissatisfaction with other members about their output numbers.
Brent crude was down more than $3 a barrel, or almost 4%, trading below $80 a barrel. The price has fallen from near $98 in late September, pressured by rising supplies and concern about demand and a potential economic slowdown.