The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing nations may move the date of its scheduled March meeting up to early February due to the trend of crude price slip in recent days, according to four sources close to the cartel. At the meeting in March, the organization is expected to decide whether to deepen current output cuts of 1.7 million barrels a day.
The final decision on discussions opened by Saudi Arabia is yet to be made, the people with knowledge of the matter told Reuters on Thursday, adding that Iran and Russia are likely to oppose the idea.
The West Texas Intermediate for March delivery slipped 1.38% at 10:35 am ET to $52.33 per barrel of crude, while Brent contracts for the delivery in the same month declined 1.26% at the same time, changing hands for $58.85 a barrel.
