BAGHDAD – In the global oil market, prices experienced a significant decline, exceeding four percent, in the wake of the postponement of the OPEC+ ministerial meeting.

According to National Iraqi News Agency, Wednesday, Brent crude futures dropped by $3.49, amounting to a 4.2 percent decrease, settling at $79.00 per barrel. Similarly, U.S. West Texas Intermediate crude futures saw a reduction of $3.32, or 4.3 percent, bringing the price to $74.43. This decline in oil prices has been consistent for four consecutive weeks.

The Organization of the Petroleum Exporting Countries (OPEC) released a statement announcing the rescheduling of its ministerial meeting to November 30, instead of the earlier planned dates of November 25 and 26. The organization did not provide specific reasons for this postponement. Prior to this announcement, economic analysts had anticipated that OPEC+ might consider extending or deepening oil supply cuts into the next year.