Negotiations within the framework of the Organization of Petroleum Exporting Countries and its allies (OPEC+) are going quite hard. Four OPEC sources said today that negotiations on a future oil production strategy may be postponed again – from Thursday (November 30) to an indefinite later date. The exact details of these meetings and possible reasons for the delays are not disclosed. Earlier it was known that the OPEC conference and the OPEC+ ministerial meeting, originally scheduled for November 25-26 in Vienna, were postponed to November 30. It is planned to hold these meetings in an online format. According to foreign media, the postponement was necessary so that the key members of the alliance could agree with some African countries to reduce their oil production targets. Saudi Arabia expresses its dissatisfaction with the current market situation, which also complicates negotiations. The Saudis are demanding a reduction in production, especially in light of falling oil prices. Disagreements among OPEC+ members create instability in the market, which, in turn, can provoke an increase in oil price volatility. If the planned meeting does not take place, this may lead to a further decline in oil prices.
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