On Thursday, oil prices experienced a decline of over 1%, continuing the downturn observed in the previous session following the postponement of an OPEC+ ministerial meeting. This development has sparked speculation that producers may implement smaller output cuts than initially anticipated.

As of 0230 GMT, Brent futures were down by $1.04, representing a 1.3% decrease, settling at $80.92 per barrel after a 4% drop on Wednesday. Meanwhile, U.S. West Texas Intermediate crude saw a decline of 90 cents, or 1.2%, reaching $76.20, following a previous session where it fell by as much as 5%, according to Reuters.

The unexpected decision by the Organization of the Petroleum Exporting Countries and its allies, including Russia, to postpone the ministerial meeting, originally slated for November 30, has introduced uncertainty about the extent of potential oil output cuts.