International oil prices experienced a 4 percent decline on Wednesday following the announcement of a delay in the OPEC+ producers’ meeting on production, initially scheduled for Sunday.

Brent crude futures dropped by 4.1 percent to $79.06 a barrel, while US West Texas Intermediate (WTI) crude futures fell by 4.2 percent to $74.51.

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The OPEC+ meeting, originally set for November 26, has been rescheduled to November 30, according to a statement from OPEC, without providing a specific reason for the delay. The meeting was anticipated to discuss potential changes to a deal limiting supply into 2024.

Reports suggest that the postponement may be linked to Saudi Arabia expressing dissatisfaction with other members regarding their output numbers.

It’s worth noting that petroleum prices in Pakistan are closely tied to international oil prices and exchange rates. fluctuations in global oil prices can have a direct impact on the prices of petroleum products in the country.