OPEC+ Reschedules Output Policy Meeting to December 5
- By HUMAN ONLINE --
- 28 Nov 2024 --
- 0 Comments
- Ar-Riyad - Saudi Arabia
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Vienna — The OPEC+ coalition of oil-producing nations has delayed its upcoming meeting on production policy to December 5 from the previously scheduled date of December 1, citing a conflict with the Gulf Arab Summit in Kuwait City. In a statement released Thursday, OPEC clarified that several ministers from the alliance were expected to attend the regional summit, necessitating the change. A source earlier told Reuters that December 1 "does not suit everyone."
Pre-Meeting Consultations Underway: Ahead of the rescheduled meeting, key OPEC+ members have been engaging in discussions. On Wednesday, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman held a phone conversation with Russia's Deputy Prime Minister Alexander Novak and Kazakhstan's Energy Minister Almasadam Satkaliyev while on an official visit to Kazakhstan. Additionally, Iraq hosted talks with Saudi and Russian officials in Baghdad earlier in the week.
Challenges in Production Planning: OPEC+, which includes OPEC members and allies led by Russia, produces approximately half of the world’s oil supply. The group has been gradually easing the production cuts implemented to stabilize prices during the COVID-19 pandemic, with plans to phase out these restrictions by 2025. However, the alliance faces challenges from slowing global demand, particularly in China, and increased oil output by non-OPEC+ producers. On November 3, OPEC+ postponed a planned production increase, originally set for December, by one month to respond to market uncertainties. The December 5 meeting will revisit these decisions and discuss the potential for further adjustments to the group’s output policy amid evolving market dynamics.
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