OPEC+ has postponed its ministerial meeting from November 26 to November 30, as producers struggled to agree on production levels which will lead to potential reductions, according to Reuters.

Three OPEC+ sources said that the delay is linked to African countries, specifically Angola, Nigeria, and the Congo. OPEC+ had previously stated in June that the 2024 output quotas for these countries would be conditional on reviews by outside analysts.

Analysts and OPEC+ sources had expected the meeting to consider further changes to the current deal, which already limits supply until 2024. However, the delay has caused uncertainty in financial markets and may lead to a longer wait for clarity on OPEC+’s plans for next year.

Sunday’s meeting of the Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, had been expected to consider further changes to a deal that already limits supply into 2024, according to analysts and OPEC+ sources.

According to UBS analyst Giovanni Staunovo, “Uncertainty is never good for financial markets, with markets now having to wait longer to get clarity on what OPEC+ does next year.” He also noted that the postponement of the meeting highlights differing views among group participants.

The news of the delay caused Brent crude to settle down 49 cents a barrel at $81.96, recovering from earlier losses of nearly 5%. However, some investors and analysts downplayed the importance of the issue that caused the delay, as African producers are among the smaller exporters in OPEC.

Brent crude has fallen from nearly $98 in late September due to rising supplies, concerns about demand, and a potential economic slowdown.

According to another OPEC+ source, Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman agreed to delay the meeting due to issues with other producers. The meeting was expected to take place in OPEC’s Vienna headquarters, but the group’s statement did not mention if it would be held online or in person on November 30. However, three delegates say it is expected to be in person in Vienna.

Many analysts predict that OPEC+ will extend or even deepen oil supply cuts into next year. Some, including Helima Croft at RBC Capital, believe that Saudi Arabia may ask other members to share the task.

“We see some scope for the group to do a deeper reduction,” said Croft earlier this week.

Before the official statement from OPEC, Bloomberg News reported that the meeting could be delayed for an unspecified period of time. Delegates cited Saudi Arabia’s dissatisfaction with other members’ output numbers as the reason for the delay.

Currently, Saudi Arabia, Russia, and other OPEC+ members have pledged to cut oil output by about 5 million barrels per day (bbl/d), which is equivalent to about 5% of daily global demand, in a series of steps that started in late 2022. This includes a voluntary reduction of 1 million bbl/d by Saudi Arabia and a 300,000 bbl/d cut in Russian oil exports, both of which will last until the end of 2023.