Oil Dragged Lower as OPEC+ Discord Forces Delay to Key Meeting
(Bloomberg) -- Oil fell as discord within OPEC+ forced the group to delay an upcoming meeting, quelling speculation of further production cuts by the Saudi-led alliance just as US data showed a hefty rise in stockpiles.
Global benchmark Brent sank below $81 a barrel after a volatile session on Wednesday that saw prices swing by more than $4. OPEC+ delayed the meeting to the end of the month as disputes arose over quotas for African members including Angola. Trading on Thursday will likely be thin due to the US Thanksgiving holiday.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iapeQiCf_FPc/v2/-1x-1.png)
The looming OPEC+ meeting has been clouded by indications that output outside of the group is expanding, prompting speculation the cartel would decide to extend production cuts or possibly deepen them. Amid signs of abundant supplies, Europe is contending with a glut due to a combination of lackluster demand and an influx of US cargoes.
The OPEC+ meeting delay “heightens the drama, probably not the outcome,” Citigroup Inc. analysts including Eric Lee said in a note. Saudi Arabia is still expected to roll a 1-million-barrel voluntary cut into 2024, while other members broadly commit to existing quotas through next year, they said.
The pre-meeting volatility saw options markets take a bearish turn. Traders were paying the biggest premiums in several months for contracts that profit from falling prices. That’s a sharp reversal from a month earlier, when the war between Israel and Hamas sent traders scrambling for bullish call options.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
![BloomburgMedia_SFX15PDWLU6800_01-07-2024_08-58-33_638553888000000000.jpg](/media/u0geqquv/bloomburgmedia_sfx15pdwlu6800_01-07-2024_08-58-33_638553888000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133642979132800000&format=webp)
Oil Gains With Focus on China’s Economy and Geopolitical Risks
Jul 01, 2024![BloomburgMedia_SFWNTDDWRGG000_01-07-2024_09-00-46_638553888000000000.jpg](/media/xbzlg5gk/bloomburgmedia_sfwntddwrgg000_01-07-2024_09-00-46_638553888000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133642980469800000&format=webp)
Saudi Reserves Jump to 18-Month High Thanks to Aramco Dividends
Jul 01, 2024![BloomburgMedia_SFUQSRDWRGG000_30-06-2024_06-00-10_638553024000000000.jpg](/media/zdchwcsk/bloomburgmedia_sfuqsrdwrgg000_30-06-2024_06-00-10_638553024000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133642008106230000&format=webp)
Citgo Auction Planner Asks Delay of Sale Hearing Until September
Jun 29, 2024![BloomburgMedia_SFQDEFT1UM0W00_28-06-2024_07-22-19_638551296000000000.jpg](/media/wuyj2iv5/bloomburgmedia_sfqdeft1um0w00_28-06-2024_07-22-19_638551296000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133640329392130000&format=webp)
Oil Stuck in Tightest Trading Range Since 2021 Ahead of US Data
Jun 28, 2024![BloomburgMedia_SFOGH2T1UM0W00_27-06-2024_06-11-53_638550432000000000.jpg](/media/ostdbiro/bloomburgmedia_sfogh2t1um0w00_27-06-2024_06-11-53_638550432000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133639423131800000&format=webp)
Oil Stuck in Narrow Range Ahead of Key US Economic Figures
Jun 27, 2024![Oil Rig (2)](/media/cyvbjs40/oil-rig.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132938805898570000&format=webp)
Lamprell delivers second jackup rig for Saudi market
Jun 27, 2024![Totalenergies](/media/41ojyade/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132881916816700000&format=webp)
TotalEnergies to sell UK West of Shetland assets to the Prax Group
Jun 27, 2024![BloomburgMedia_SFMMAXT0AFB400_26-06-2024_06-00-10_638549568000000000.jpg](/media/00rfanvg/bloomburgmedia_sfmmaxt0afb400_26-06-2024_06-00-10_638549568000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133638552104000000&format=webp)
Oil Steadies as Industry Report Points to Rising US Stockpiles
Jun 26, 2024![Zephyr](/media/metnmkpp/zephyr.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133638742860270000&format=webp)
Zephyr Energy advances State 36-2R well testing and secures new financing
Jun 26, 2024![Totalenergies (3)](/media/2cjewaqv/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132844703590900000&format=webp)
TotalEnergies secures majority stake in offshore block in the coast of São Tomé and Príncipe
Jun 26, 2024![Setting the pace in decarbonising steel production-1863174552](/media/2iol3l0c/setting-the-pace-in-decarbonising-steel-production-1863174552.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618761586730000&format=webp)
Setting the pace in decarbonising steel production
Jun 03, 2024![BCG on making energy demand more efficient and sustainable-1863225347](/media/ogfnknhe/bcg-on-making-energy-demand-more-efficient-and-sustainable-1863225347.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618869575430000&format=webp)
BCG on making energy demand more efficient and sustainable
Jun 03, 2024![OPEC's output cut extension: analysing the global impact-1863248865](/media/5ybfzlqp/opec-s-output-cut-extension-analysing-the-global-impact-1863248865.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618869567770000&format=webp)
OPEC's output cut extension: analysing the global impact
Jun 03, 2024![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
May 27, 2024![Driving sustainability: the power of energy policies-1857914550](/media/0v0blfir/driving-sustainability-the-power-of-energy-policies-1857914550.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133610085546170000&format=webp)
Driving sustainability: the power of energy policies
May 23, 2024![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
Mar 06, 2024![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
Jan 31, 2024![OIL INDIA Thumbnail (1)](/media/oddlww2x/oil-india-thumbnail-1.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133506537128730000&format=webp)
Oil India charts the course to ambitious energy growth
Jan 25, 2024![DNV Thumbnail](/media/chkphnjn/dnv-thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133491856590700000&format=webp)
Maritime sector is stepping up to the challenges of decarbonisation
Jan 08, 2024![BCG FERDINAND Thumbnail 01](/media/mhngslc2/bcg_ferdinand_thumbnail-01.png?anchor=center&mode=crop&width=540&height=300&rnd=133464907617530000&format=webp)
COP28: turning transition challenges into clean energy opportunities
Dec 08, 2023Partner content
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)
Essar outlines how its CBM contribution is bolstering for India’s energy landscape
![HNC 7611 V2](/media/0dqbya15/hnc_7611_v2.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133517899616530000&format=webp)
Positioning petrochemicals market in the emerging circular economy
![Spectrum](/media/esvgoqpk/spectrum.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524457491730000&format=webp)
Navigating markets and creating significant regional opportunities with Spectrum
![HEXAGON JOSEPH](/media/ybvjzlwk/hexagon-joseph.png?anchor=center&mode=crop&width=540&height=300&rnd=133473727370670000&format=webp)