Oil prices fell more than 1% Thursday, extending losses from the previous session, after OPEC postponed its meeting and the organization did not elaborate on reasons for rescheduling the meeting, leading to speculation that producers could cut production lower than previously expected.
The meeting was postponed to November 30 instead of November 26.
This comes as producers disagree on production levels and hence on potential cuts, in a surprising development that has led to a further fall in crude prices.
OPEC sources said the postponement was linked to African countries for not committing to production levels as countries such as Angola, Nigeria, and Congo.
The postponement of the meeting shows that there is a difference in the views of the group participants.
