OPEC+ postpones output policy meeting to Dec 5, sources say

The OPEC+ oil alliance has postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two OPEC+ sources confirmed on Thursday.

"Sunday does not suit everyone," one of the sources told Reuters after CNBC had reported the postponement, citing two unnamed delegates.

Top OPEC+ ministers have held talks ahead of the oil producer group's meeting, which had been scheduled for Sunday, to set output policy. OPEC+ sources had said there would be discussion over a further delay to oil output increases due to start in January.

OPEC+, which pumps about half the world's oil, had planned to roll back oil production cuts gradually, with small increases to output over 2024 and 2025.

However, a slowdown in Chinese and global demand and rising output outside the group have put a dampener on that plan.