VIENNA, NOV 28 – The OPEC+ Ministerial meeting originally scheduled for Sunday has been postponed to December 5, according to the Organization of the Petroleum Exporting Countries (OPEC) based in Vienna, today.
The 22-nation OPEC+ group led by Saudi Arabia and Russia was initially expected to discuss their production policy for 2025 amid falling crude oil prices.
According to an OPEC statement, the meeting has been ‘rescheduled to December 5, 2024, as several ministers will attend the 45th Gulf Summit in Kuwait City.’
In the days since the news, oil prices have been supported by the prospect that the main OPEC+ countries will delay production increases that were supposed to start in January.
To boost crude oil prices, eight member countries of the OPEC+ group earlier this month announced they would extend supply cuts until the end of December.
The countries “have agreed to extend the November 2023 voluntary production adjustment of 2.2 million barrels per day for one month until the end of December 2024,” OPEC said in a statement.
The eight countries that extended the cuts are Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates.
They have delayed production increases amid concerns about sluggish demand, which has weighed on oil prices in recent months. – AFP
