The OPEC+ meeting that was pushed back by several days to Nov. 30 will now be held online, the group said on its website.
The decision comes as Saudi Arabia and its oil allies are once again struggling with a dispute over output quotas for African members. The disagreement forced the group to delay its scheduled conference, sending crude plunging by as much as 4.9% to below $80 a barrel in London on Wednesday.
Before the delay, oil traders had thought Saudi Arabia was gearing up to announce an extension of its unilateral 1 million barrel-a-day cutback in a bid to prop up faltering prices. There were also some predictions that Riyadh could even steer other members into joining them with additional curbs of their own.
The spat dredges up a disagreement from June, when Angola, Congo and Nigeria were pushed by Saudi Energy Minister Prince Abdulaziz bin Salman to accept reduced output targets for 2024 that reflected their diminished capabilities. The African exporters have struggled in recent years with under-investment, operational disruptions and aging oil fields.
The countries had reluctantly acquiesced to the new quotas with the caveat that they’d be revised higher again if an external audit by three firms — Rystad Energy A/S, Wood Mackenzie Ltd. and IHS — proved their capacity was larger. That assessment has been submitted, but the trio have rejected its findings, officials said, speaking on condition of anonymity.
