The OPEC+ alliance, consisting of 22 member nations led by Saudi Arabia and Russia, has postponed its ministerial meeting initially set for Sunday to December 5, 2024, according to a statement by the Organization of the Petroleum Exporting Countries (OPEC).
The decision was attributed to the participation of several ministers in the 45th Gulf Summit in Kuwait City, which overlaps with the original meeting date.
The alliance, tasked with determining output policy for 2025, has been grappling with flagging crude prices. To stabilize the market, eight key members, including Saudi Arabia, Russia, and the United Arab Emirates, extended their voluntary production cuts of 2.2 million barrels per day through December 2024.
Oil prices have recently gained some support amid speculations that OPEC+ would delay production increases initially planned for January. This strategy reflects ongoing concerns about slowing global demand, which has pressured prices in recent months.
The rescheduled meeting will be closely watched as the alliance seeks a balance between maintaining oil revenues and addressing global economic challenges impacting demand.
