OPEC Plus, which is made up of major oil-producing countries such as Saudi Arabia and Russia, has announced that it will postpone the ministerial meeting from the scheduled date to the 30th of this month. Overseas media have reported that this is due to difficulties in negotiations on production cuts.
OPEC Plus, which joins the Organization of the Petroleum Exporting Countries led by Saudi Arabia = Organization of the Petroleum Exporting Countries and other non-member oil-producing countries such as Russia, announced on the 22nd that the ministerial meeting scheduled to be held on the 26th of this month in Vienna, Austria will be postponed to the 30th.
OPEC Plus does not disclose the reason, but the American media Bloomberg reports that Saudi Arabia, which continues to voluntarily reduce the production of 1 million barrels of crude oil per day, is dissatisfied with the production level of its member countries, and talks on production cuts are difficult.
Following the announcement of the postponement of the meeting and related media reports, the price of WTI futures, which is a benchmark for international trading, fell to the level of $100 = 1 barrel at one point, a decline of about 73% compared to the previous day's close.
With regard to OPEC Plus, some foreign media reported last week that the government is considering the need for additional production cuts in order to support crude oil prices, and it will be interesting to see what kind of decision will be made at this ministerial meeting.