Fear of oil price fall as OPEC postpones meeting to Nov 30

Agency Report

There is rising fear of fall in the price of crude oil in the international market as the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday, postponed its ministerial meeting to November 30.

The Organization of the Petroleum Exporting Countries (OPEC) in a statement on Wednesday announced that the ministerial meeting of the OPEC+ alliance originally scheduled for Sunday in Vienna has been rescheduled to Thursday.

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According to the statement, the 13 OPEC members, led by Saudi Arabia, and their 10 partners, led by Russia, were due to decide on their output policy amid slumping crude prices.

It was observed that the OPEC+ announcement resulted in fall in global crude prices to about four per cent.

The world oil prices were noted to be falling since September, with Brent currently selling at below $80 per barrel.