Wednesday saw a more than 2% decline in oil prices as OPEC+ members abruptly postponed a meeting to discuss production restrictions, casting doubt on the availability of crude oil globally.

Brent futures slumped by 2.5%, to $80.43 per barrel meanwhile US WTI plunged by 2.6% at $75.73 per barrel.

In a statement, OPEC+ announced that the meeting had been rescheduled from November 26 to November 30. This unexpected move caused prices to plummet precipitously in early trading. It was anticipated that the committee will talk about extending the oil output cuts.

According to experts and OPEC+ sources, it was anticipated that the meeting, which brings together major producers Saudi Arabia, Russia, and other allies and members of the Organization of the Petroleum Exporting Countries, would discuss additional modifications to an agreement that currently restricts supplies until 2024.

The economic statistics indicated a decrease in unemployment claims, which caused the U.S. dollar to recover from a 2-1/2-month low. Oil priced in dollars becomes more expensive for buyers using foreign currencies when the value of the dollar appreciates.