OPEC+ delays output cuts meeting is on hold until Thursday and agrees to wait until Tuesday to reach consensus with non-OPEC on 2021 oil output cuts policy.
Members were meeting in Vienna to discuss the market amid the uncertain economic backdrop.
The OPEC+ meeting has been rescheduled to Dec 3 as more talks are needed.
Market implications
Oil prices have been pressured as OPEC failed to reach an agreement on an extension of current production cuts.
''The recent positive news from vaccine trials has provided some hope that restrictions will ease and demand will start to recovery. However, Algerian energy minister, Abdelmajid Attar, who holds OPEC’s rotating presidency, said that the road to recovery may be long and bumpy,'' analysts at ANZ Bank explained.
''Signs of discord in the group were also evident, with Saudi Arabia apparently mulling resigning from its role as co-chair of the OPEC+ Joint Ministerial Monitoring Committee. While there was no producer who opposed extending cuts, they failed to reach agreement on the finer details.''
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