The ministerial meeting of the OPEC+ alliance, initially set for Sunday, has been postponed to December 5, 2024, according to a statement from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday.
The 22-member alliance, led by Saudi Arabia and Russia, was expected to discuss its output policy for 2025 as crude prices remain under pressure. OPEC explained that the decision to reschedule was influenced by the 45th Gulf Summit in Kuwait City, which several ministers are attending.
In the lead-up to the meeting, oil prices had gained momentum amid speculation that key OPEC+ members might delay planned production increases originally scheduled for January.
To support crude prices, eight OPEC+ members recently extended their voluntary production cuts of 2.2 million barrels per day through December 2024. The countries involved in this extension include Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates.
This move reflects ongoing caution within the group as concerns over slowing global demand continue to weigh on oil markets. The December 5 meeting is expected to provide clarity on the alliance’s production strategy heading into 2025.
