On Monday, oil prices experienced a decline, with Brent crude inching closer to $80 per barrel. This drop comes as investors eagerly await the upcoming OPEC+ meeting, where discussions will focus on determining the size of production cuts for the year 2024, reported Al-Rai Daily.
At 0231 GMT, Brent crude futures fell by 37 cents (0.5 percent) to $80.21 per barrel, while West Texas Intermediate crude futures dropped by 36 cents (also 0.5 percent) to reach $75.18 per barrel.
Last week marked a slight increase in both crude oil prices, marking the first time in five weeks that gains were recorded. These increases were supported by the anticipation that Saudi Arabia and Russia might extend supply cuts until 2024, as well as the fact that OPEC+ would address further measures for implementation of production cuts.
However, prices experienced a downturn in the Middle East after OPEC+ opted to postpone a ministerial meeting until November 30. The purpose of the meeting is to resolve disagreements concerning production targets for African producers. According to sources within the group, efforts are underway to reach a consensus.
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