OPEC+ Meeting Rescheduled To December 5 Amid Oil Price Concerns

The Organization of the Petroleum Exporting Countries (OPEC) has announced the postponement of the OPEC+ ministerial meeting, originally slated for Sunday, to December 5, 2024.

The delay was attributed to the participation of several ministers in the 45th Gulf Summit in Kuwait City.

The 22-member OPEC+ alliance, led by Saudi Arabia and Russia, was expected to deliberate on its production strategy for 2025 against a backdrop of declining crude oil prices.

In recent weeks, oil prices had shown signs of recovery due to expectations that OPEC+ would further delay planned production increases.

Earlier this month, eight member countries, including Saudi Arabia and Russia, extended voluntary production cuts of 2.2 million barrels per day through the end of December 2024.

Other nations participating in the extended cuts include Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates.

These measures reflect ongoing concerns over slowing global oil demand, which has exerted downward pressure on prices in recent months.

The rescheduled meeting is expected to provide clarity on the alliance’s production policies as the group navigates a challenging global oil market.