The ministerial meeting of the OPEC+ alliance, originally set for Sunday, has been postponed to December 5, 2024, according to a statement from the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) on Thursday.
The 22-member OPEC+ group, led by Saudi Arabia and Russia, was scheduled to discuss its output policy for 2025 amid declining crude prices.
OPEC explained that the delay was due to several ministers attending the 45th Gulf Summit in Kuwait City, which conflicts with the original meeting date.
The decision comes as oil prices have recently been supported by expectations that key OPEC+ members will delay planned production increases, originally slated for January.
In an effort to bolster crude prices, eight OPEC+ countries announced earlier this month that they would extend supply cuts until the end of December. The nations—Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates—agreed to maintain a reduction of 2.2 million barrels per day through December 2024.
These cuts have been implemented in response to concerns about slowing demand, which has contributed to the recent dip in oil prices.
