OPEC meeting delay sparks oil price uncertainty

Oil prices dropped by as much as 4% after OPEC+ announced a delay in its upcoming meeting, raising uncertainty about additional output cuts. The delay suggests that member countries are not in agreement about their next steps, with Saudi Arabia pressuring smaller OPEC+ members to take a larger role in reductions. The market is concerned that some members may want to pull back on cuts to regain market share. The recent sell-off in oil prices was prompted by downbeat sentiment from oil producers and airlines, and US inventories rose by 8.7 million barrels last week. Skepticism remains about the possibility of deeper cuts to output in 2024, and crude oil prices are down roughly 18% from 2023 highs.