London (awp/afp) – Oil prices hesitate on Thursday, initially falling slightly after the announcement of the postponement of the OPEC+ meeting against a backdrop of possible internal divergences, they appear in the green with fears over the escalation of the war in Ukraine.
Around 11:40 a.m. GMT (12:40 p.m. CET), the price of a barrel of Brent from the North Sea, for delivery in January, rose 0.80% to $73.41.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, gained 0.67%, to $69.18.
“The postponement of the OPEC+ meeting will fuel speculation that tensions within the group are increasing,” explain DNB analysts.
The meeting of the 22 ministers of the Organization of the Petroleum Exporting Countries and their allies (OPEC+), initially scheduled online on Sunday, has been postponed until next Thursday, the cartel announced.
OPEC+ must decide on its production strategy, and in particular the gradual reintroduction or further postponement of 2.2 million barrels on the market.
Officially, the meeting “has been rescheduled for December 5 because several ministers are participating in the 45th Gulf summit”, organized this weekend in Kuwait, said OPEC in a press release, which must decide on the strategy for the coming months on background of gloom in black gold prices.
The timetable “had been known for a long time”, notes Jorge Leon, analyst at Rystad Energy, leaning more towards saving time in order to “align the visions” of the different member countries before the meeting.
The oil market has “no room for additional barrels in 2025”, say DNB analysts.
But certain members of the organization, such as “the United Arab Emirates and Kazakhstan which have significant unexploited capacities” have indicated their desire to increase their production, explains Jorge Leon.
A reintroduction of barrels would bring down the price of black gold.
But the market is supported by some bullish factors, such as the fact that Donald Trump announced on Monday “his intention to impose 25% customs duties on all products from Mexico and Canada”, which could also concern crude oil, recalls John Plassard, analyst at Mirabaud.
And despite the détente in the Middle East, the escalation between Ukraine and Russia continues to fuel a geopolitical risk premium.
Russia fired 91 missiles and 97 attack drones that targeted “Ukraine’s energy infrastructure”, the Ukrainian Air Force said in a statement published on Telegram.
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