The Organization of the Petroleum Exporting Countries (OPEC) announced on Thursday that the OPEC+ ministerial meeting originally scheduled for Sunday has been postponed to December 5. The 22-member alliance, led by Saudi Arabia and Russia, had been set to discuss its output policy for 2025 against the backdrop of declining crude prices.
The Vienna-based organization stated that the rescheduling was necessary due to the participation of several ministers in the 45th Gulf Cooperation Council Summit in Kuwait City.
In anticipation of the meeting, oil prices recently found support as key OPEC+ members signaled a delay in planned production increases. The alliance confirmed that eight member nations—Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates—had agreed to extend their voluntary production cuts of 2.2 million barrels per day, initially slated to end in November 2023, until the close of December 2024.
This decision reflects the bloc’s continued efforts to stabilize the oil market amidst concerns over waning global demand, which has placed downward pressure on prices in recent months.
