Brent fell to $80 before the OPEC+ meeting.


Brent fell to $80 before the OPEC+ meeting. On Monday, oil prices declined, with the Brent benchmark falling near $80 per barrel, as investors anticipated supply limits through 2024 and awaited this week’s OPEC+ meeting.

At 14:47 GMT, Brent crude futures were trading at $80.23 per barrel, down 35 cents, or 0.4%. Futures for West Texas Intermediate (WTI) petroleum in the United States fell 0.4%, or 29 cents, to $75.25.

Both contracts experienced a $1 loss in early trading, following their fifth consecutive weekly decline the previous week.

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Midway through the week, prices plummeted as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which includes Russia, rescheduled a ministerial meeting scheduled for November 30 to resolve differences regarding production targets for African producers.

Since then, the group has moved closer to a compromise, de facto leader Saudi Arabia said on Friday, four OPEC+ sources told Reuters.

According to sources on Monday, OPEC+ is still negotiating before an oil policy meeting on Thursday.

In light of the dispute over production quotas within OPEC+, ING analysts maintain a pessimistic outlook for the market. However, they anticipate that Saudi Arabia will extend its additional voluntary cut of 1 million barrels per day (bpd) into the following year and that Russia will also prolong its cutbacks.

“The market would be subjected to additional downward pressure if this were not observed,” ING analysts wrote in a note.

Goldman Sachs analysts noted that OPEC countries’ estimated exports have decreased by 1.3 million bpd below April levels, consistent with the organization’s supply targets.