Oil prices fell sharply on Wednesday after the Opec+ oil cartel announced it would postpone its planned meeting to next week, which traders took as a sign the group is struggling to agree on further supply cuts.
Opec+ said the production meeting, originally scheduled for this Sunday, would be moved to Thursday next week, without giving a reason for the change. The move is unusual as it will coincide with the start of the UN COP climate talks, which the UAE, an Opec member, is hosting.
The sudden change of schedule comes at a challenging time for the group, as oil prices were already well down on their highs for the year, despite a series of production cuts led by Saudi Arabia over the past 12 months.
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