• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, July 12, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Oil Markets on Tenterhooks As OPEC+ Meeting Delay Sparks Price Volatility

November 23, 2023
Stephen M.Cby Stephen M.C
in Extractives/Energy
0
Oil Markets on Tenterhooks As OPEC+ Meeting Delay Sparks Price Volatility

Oil prices faced a downward spiral of approximately 1% on Thursday, November 23, 2023 amplifying losses triggered by the postponement of a crucial OPEC+ meeting.

The decision to delay the meeting has ignited concerns that the group might not deepen output cuts in the coming year. Brent crude futures took a hit, dropping 90 cents (about 1.1%) to $81.06 a barrel by 1143 GMT, following a substantial 4% fall on Wednesday.

Similarly, U.S. West Texas Intermediate crude experienced a decline of 86 cents (also about 1.1%), settling at $76.24, after a significant 5% drop in the previous session. The postponement of the OPEC+ meeting to November 30th contributed to a growing sense of unease in the market.

RelatedPosts

Ghana Poised to Kickstart Nsuta-Tarkwa Manganese Refinery Project

Barker-Vormawor Defends E&P in Legal Dispute

Lands Minister Charged to Back Off Azumah-E&P Goldmine Dispute

The unexpected delay in the OPEC+ ministerial meeting revealed internal struggles among member nations. Producers faced challenges in reaching a consensus on output levels, primarily due to a trio of African nations – Angola, Congo, and Nigeria.

These nations sought to increase their 2024 supply quotas beyond the provisional levels agreed upon at the June OPEC+ meeting.

Angola and Congo had been producing below their 2024 production targets, while Nigeria managed to approach or surpass its target, thanks to an improved security situation in the oil-rich Niger Delta. The disagreement underscored the complexity of coordinating production policies within the alliance.

Analyst Insights and Challenges Ahead

RBC Capital Markets analyst Helima Croft commented on the situation, expressing confidence that Nigeria could find common ground due to its longstanding OPEC membership and improving relations with Saudi Arabia.

However, the analyst noted that bridging the gap with Angola might prove more challenging, given its historical disposition within the producer group.

Tamas Varga of oil broker PVM emphasized the enormity of the challenges facing OPEC+, citing the potential for continuous volatility and a plausible price swing exceeding $10 after the rescheduled meeting on Thursday.

The uncertainties surrounding supply decisions have created an environment where market participants brace for impactful price movements.

Amidst the OPEC+ developments, concerns over global oil supply were further compounded by data revealing a significant jump of 8.7 million barrels in U.S. crude stocks last week – a stark contrast to the 1.16 million build analysts had anticipated.

On the demand side, the Eurozone’s economic outlook remained bleak, with indications that the bloc’s economy might contract again in the current quarter as consumers continue to curb spending.

As the world eagerly awaits the outcome of the rescheduled OPEC+ meeting, the oil market finds itself in a state of flux. The delayed gathering has exposed the internal discord within the alliance, particularly among African members seeking adjustments to their supply quotas.

The market remains on edge, anticipating potential price swings and grappling with uncertainties surrounding global oil supply and demand dynamics. The ramifications of the postponed meeting extend beyond the OPEC+ alliance, creating ripples in a market already navigating through a complex web of geopolitical and economic challenges.

READ ALSO: Biden Says Captives Release Deal Is Within Reach

Tags: Oil Markets on Tenterhooks As OPEC+ Meeting Delay Sparks Price Volatilityoil pricesOPEC+U.S. West Texas Intermediate crude
Please login to join discussion
Previous Post

IDF Confirms Arrest Of Al-Shifa Hospital Director

Next Post

Parliament Loses Fight Against Absenteeism

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Ewurabena Aubynn
General News

NDC’s Ewurabena Aubynn Secures Historic Victory in Ablekuma North Rerun

July 11, 2025
Minority Decries Violence, Police Inaction in Ablekuma North Rerun, Polling, Violence
General News

Minority Decries Violence, Police Inaction in Ablekuma North Rerun

July 11, 2025
BoG’s Ban on 10 Money Transfer Organisations Sparks Transparency Debate
Banking

BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences

July 11, 2025
AU Urges Human Dignity In Corruption Fight
Africa

AU Urges Human Dignity In Corruption Fight

July 11, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Nearly 800 Killed While Trying To Receive Food Aid In Gaza

July 11, 2025
Shamima Muslim,
General News

Government Condemns Journalist Assaults During Ablekuma North Rerun

July 11, 2025
Ewurabena Aubynn
General News

NDC’s Ewurabena Aubynn Secures Historic Victory in Ablekuma North Rerun

by Evans Junior OwuJuly 11, 2025
Minority Decries Violence, Police Inaction in Ablekuma North Rerun, Polling, Violence
General News

Minority Decries Violence, Police Inaction in Ablekuma North Rerun

by Silas Kafui AssemJuly 11, 2025
BoG’s Ban on 10 Money Transfer Organisations Sparks Transparency Debate
Banking

BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences

by Stephen M.CJuly 11, 2025
AU Urges Human Dignity In Corruption Fight
Africa

AU Urges Human Dignity In Corruption Fight

by Lawrence AnkutseJuly 11, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Nearly 800 Killed While Trying To Receive Food Aid In Gaza

by Comfort AmpomaaJuly 11, 2025
Shamima Muslim,
General News

Government Condemns Journalist Assaults During Ablekuma North Rerun

by Silas Kafui AssemJuly 11, 2025
Ewurabena Aubynn
Minority Decries Violence, Police Inaction in Ablekuma North Rerun, Polling, Violence
BoG’s Ban on 10 Money Transfer Organisations Sparks Transparency Debate
AU Urges Human Dignity In Corruption Fight
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Shamima Muslim,
[/vc_row_inner]

Recent News

  • NDC’s Ewurabena Aubynn Secures Historic Victory in Ablekuma North Rerun
  • Minority Decries Violence, Police Inaction in Ablekuma North Rerun
  • BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences
  • AU Urges Human Dignity In Corruption Fight
  • Nearly 800 Killed While Trying To Receive Food Aid In Gaza
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.