The meeting was delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.
Before the delay, oil traders had thought Saudi Arabia was gearing up to announce an extension of its unilateral 1 million barrel-a-day cutback in a bid to prop up faltering prices.
In a surprise move on November 22, the Organization of the Petroleum Exporting Countries and allies including Russia delayed a ministerial meeting at which they were expected to discuss oil output cuts to November 30.
Brent futures fell 81 cents, or 1%, to $81.15 a barrel, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 72 cents, or 0.9%, to $76.40, after declining as much as 5% in the previous session.
Crude oil futures settled lower on Wednesday after data showed a notable increase in crude inventory in the U.S., and the Organization of Petroleum Exporting Countries (OPEC) postponed a key meeting by four days.