Opec+ has unexpectedly postponed an important meeting on the future of its production curbs, as members of the oil cartel hold talks over compliance with existing quotas.
The group, led by Saudi Arabia and Russia, said the meeting of the joint ministerial monitoring committee would be pushed back from Sunday until December 5. It blamed the delay on a clash with a meeting of the Gulf Cooperation Council in Kuwait on Sunday. Five of the GCC’s seven members also belong to Opec+.
However, the announcement came a day after three-way talks between Saudi and Russian energy ministers and their counterpart in Kazakhstan. The central Asian country has consistently angered other members of the 22-country group by exceeding production targets designed to restrict global oil supply and push up prices.