Oil Prices Slip as OPEC+ Delays Output Meeting Amid Quota Dispute
• Oil prices remained low after OPEC+ delayed its meeting due to a disagreement over production levels • Downward pressure intensified when EIA reported a sizable build in U.S. crude oil stocks • Prices shed over 1% in Asia trade today; dispute seems focused on African members wanting higher quotas • Ahead of delayed meeting, analysts expect Saudis to extend 1 million bpd voluntary cuts into 2024 • Fears of deeper OPEC+ cuts put pressure on prices earlier this week, but postponement added concerns about internal spat