The North Sea benchmark Brent oil price slipped about 4 percent to around 79 dollars as it traded on the London ICE market. The move came after news that the OPEC Plus summit had been postponed. The group comprises several member nations including Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan.
According to Bloomberg, the gathering was rescheduled to take place next week on the following Wednesday. Reporters noted that there was no new information about a potential transfer of the so-called Prime status. Additional details appeared later on OPEC’s official site. Consequently, the OPEC and OPEC Plus meetings, which had been slated for November 25 and 26, were ultimately carried over to November 30 with officials convening to discuss policy and production levels.
Earlier, on November 14, the International Energy Agency warned of a potential global oil shortfall driven by further reductions in supply from Russia and Saudi Arabia. Some observers questioned whether the moves align with Russia’s broader strategic interests, a point echoed by trade press in multiple markets.
Meanwhile, a former financier noted that oil prices are a factor influencing the ruble’s exchange rate, particularly during tax period fluctuations across the region. These dynamics underscore how shifts in oil markets can ripple through currencies and broader economic indicators.