The meeting to determine oil production strategy by OPEC+ has been postponed to December 5, according to sources familiar with the matter.

The virtual conference was initially scheduled for December 1 and will address the coalition's response to uncertain demand and ongoing production cuts.

Currently, OPEC+ is implementing three sets of production cuts to limit combined output to 39.725 million barrels per day into the next year. Additionally, eight member nations are voluntarily reducing production by 1.7 million barrels per day through 2025, with a phased reduction of 2.2 million barrels per day set to begin in December.

The future of the 2.2 million bpd cuts is uncertain due to downward pressure on global oil prices following a cease-fire between Israel and Lebanon.

As of 07:39 a.m. London time, the Ice Brent contract for January was trading at $72.68 per barrel, while January Nymex WTI futures were at $68.58 per barrel, both down 0.2% from the previous day's close.