OPEC+ Keeps Oil Output Steady Despite Turmoil Among Members

DUBAI, Nov 30 (Reuters) – OPEC+ on Thursday agreed to keep oil output steady despite tensions among its members, opting to delay a decision on further production cuts until early December, sources said.

The group, which includes Saudi Arabia and Russia, had been expected to announce further cuts to support prices, but disagreements over quotas delayed the decision.

Several African producers,led by Angola,have expressed concerns about the fairness of their production quotas,sources said.They argue that their quotas are too low compared to other members.

The meeting was initially scheduled for Wednesday but was postponed after disagreements arose. The group will now meet again on december 4, sources said.

Oil prices fell on Wednesday as the postponement of the meeting signaled a lack of consensus within the group. Brent crude futures were down around 2%.

Saudi Arabia, the de facto leader of OPEC, has been pushing for additional cuts to balance the market, while Russia has been more reluctant, sources said.

The delay in the decision adds uncertainty to the oil market,which is already facing concerns about slowing global economic growth and rising U.S. oil production.

Reporting by Ahmad Ghaddar; Editing by David Goodman and Barbara Lewis