VIENNA: International oil prices fell Wednesday after a key ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies was pushed back from Sunday to November 30. The Vienna-based organization announced the postponement of the OPEC+ alliance gathering in a brief statement, without providing any explanation. With oil prices plummeting below $80 per barrel since peaking in September, analysts expect further production cuts by the alliance. End of Saudi cutsRussian Deputy Prime Minister Alexander Novak on Wednesday sounded a different note, saying that "current oil prices objectively reflect the current situation." Oil prices are far from the levels near $140 a barrel reached after the Russian invasion of Ukraine.

Source: Manila Times November 23, 2023 16:40 UTC