• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 days Does Toyota Know Something That We Don’t?
  • 5 days America should go after China but it should be done in a wise way.
  • 15 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 12 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 16 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
Houthi Red Sea Attacks Are Boon for Pirates as Ships Reroute

Houthi Red Sea Attacks Are Boon for Pirates as Ships Reroute

It’s unlikely that surging piracy…

This Might Be The Fastest Way to Double U.S. Grid Capacity

This Might Be The Fastest Way to Double U.S. Grid Capacity

Upgrading existing lines using advanced…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Prices Remain Depressed After OPEC+ Shocked Markets

  • Oil prices remained depressed early on Thursday morning, with WTI trading at $76.60 while Brent had fallen to $81.36.
  • Both WTI and Brent dropped dramatically on Wednesday when OPEC+ shocked markets by delaying its meeting due to a disagreement over production levels.
  • Further downward pressure was then put on oil prices when the EIA reported a sizeable build in U.S. crude oil stocks.

Crude oil prices remained depressed in morning trade today in Asia following the Wednesday slump.

Yesterday's drop in prices was caused by news that OPEC+ is delaying its meeting, originally scheduled for this Sunday, to next Thursday. The latest EIA oil inventory report then added to downward pressure on oil prices by showing a sizeable build in U.S. crude stocks.

Brent crude and West Texas Intermediate shed more than 1% earlier today, with Reuters reporting that there appeared to be disagreement among OPEC members on the production levels the cartel was aiming for.

Citing unnamed sources from the cartel, the report said the dispute focused on African members. Analysts have suggested that Angola, Nigeria, and Congo want to have their production quotas raised from the levels agreed at a meeting in June.

In June, OPEC+ agreed to limit output, with Saudi Arabia voluntarily cutting production by 1 million bpd and then extending this commitment until the end of this year. Since then, Saudi Arabia has expressed dissatisfaction with the production levels of other OPEC members.

"At that meeting, OPEC squared the books on increasing UAE’s quota... by reducing the targets for the African nations that were underperforming their required production numbers," RBC Capital Markets’ Helima Croft said in a note, cited by Reuters.

ING’s Warren Patterson noted that disagreement among OPEC members would heighten price volatility but it remains unclear whether this disagreement would affect the cartel’s policy or Saudi Arabia’s production plans, Bloomberg reported earlier today.

Citigroup analysts said they did not expect any surprises from the OPEC meeting, with Saudi Arabia most likely to extend its voluntary cuts of 1 million bpd for another month. The rest of OPEC would probably stick to their current quotas, the analysts predicted.

Fears that OPEC+ will further deepen cuts at its next meeting put downward pressure on oil prices earlier this week, but the postponement of the meeting has added further concerns over the intensifying spat among the cartel’s members. 

Ahead of the delayed meeting, most analysts had expected the Saudis to extend the voluntary production cuts into 2024.


By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Carlos Blanco on November 23 2023 said:
    It's fun to see that OPEC is struggling at the moment. They are really desperate. They are jacking up the demand forecast for self-indulgence.

    They can't keep relying on production cuts to manipulate the price. China's demand is dwindling. Other producing countries like the US, Brazil, and Guyana are increasing their production. Sooner than later, the other members will realize that the group has lost its power.
  • Mike Lewicki on November 23 2023 said:
    delaying their meeting is shocking or responsible to make sure path forward is correct........

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News