OPEC + meeting scheduled for NOvember 26 has been deleyed to November 30.
Saudi officials have expressed dissatisfaction with the oil production levels of other member countries. The kingdom, which has voluntarily reduced its oil output by an additional 1 million barrels per day since July, is currently engaged in challenging negotiations with other OPEC+ members about their production rates. The length of the potential delay for the meeting is still unclear, as no final decision has been made yet. This information comes from delegates involved in the talks, who have requested anonymity due to the private nature of the discussions.
The price of crude oil is trading at $74.46 which is down -$-3.25 on the day. Technically, the price this week stayed mostly below the 200 day MA at $78.09. The lows last week reached just below a lower target at $72.68. That area is the next major target on the downside.
