International Oil Prices Fall by Over 4% After OPEC+ Meeting Delayed

International oil prices fell by 4 percent on Wednesday after OPEC+ producers announced a delay in a meeting on production scheduled for Sunday. Brent crude futures fell by $3.39, or 4.1 percent, to $79.06 a barrel by 1412 GMT, while the US West Texas Intermediate (WTI) crude futures fell $3.26, or 4.2 percent, to $74.51. The OPEC+ meeting, earlier scheduled for November 26, will now be held on November 30, OPEC said in a statement but did not provide any reason for the rescheduling. The meeting was expected to consider changes in a deal that limits supply into 2024. Earlier in the day, Bloomberg reported that the meeting could be delayed as Saudi Arabia expressed its dissatisfaction with other members about their output numbers. It is pertinent to mention here that petroleum prices in Pakistan are primarily dependent on international oil prices and the exchange rate.