OPEC+ POSTPONES MEETING TO DECEMBER 5

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The Vienna-based Organisation of the Petroleum Exporting Countries (OPEC) announced Thursday that the OPEC+ alliance’s ministerial meeting, which was originally set for Sunday, will now take place on December 5.

Amid declining petroleum prices, the 22-member OPEC+ group, which is chaired by Saudi Arabia and Russia, was scheduled to deliberate on its supply policy for 2025.

OPEC said in a statement that the alliance’s meeting has “been rescheduled to… 5 December 2024, as several ministers will be attending the 45th Gulf Summit in Kuwait City.”

The possibility that major OPEC+ countries could postpone a pickup in production that was scheduled to start in January has helped oil prices in recent days.

Earlier this month, eight OPEC+ members said they were prolonging supply restrictions until the end of December in an effort to raise petroleum prices.

According to a statement released by OPEC, the nations “have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024.”

Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates are among the eight countries that are extending the cuts.

Concerns about declining demand have caused them to postpone output increases, which has affected oil prices recently.

AFP