Brent slips nearly 4% as OPEC postpones meeting

The Joint Ministerial Monitoring Committee meeting of OPEC and its allies has been rescheduled from 25-26 November to 30 November.

PHOTO: Getty Images

The front-month ICE Brent contract plunged lower after the announcement, and has traded down by $3.83/bblfrom 09.00 GMT to $78.53/bbl at 15.10 GMT.

Oil producers' coalition has not disclosed the reason for the postponement.

However, Bloomberg reported earlier today, citing delegates, that the meeting might be postponed due to Saudi Arabia's "dissatisfaction" with other OPEC members' oil production.

By Konica Bhatt

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