OPEC+ ministers will convene via videoconference on Thursday to determine oil production plans for at least the start of 2025.
OPEC+ ministerial meetings, held biannually, last took place on June 2 in a hybrid format. While most participated online, representatives from eight nations implementing voluntary oil production cuts, including Russia and Saudi Arabia, met in Riyadh. The upcoming December meeting was initially scheduled for December 1 but was postponed to December 5 due to the involvement of some Middle Eastern ministers in the Gulf Cooperation Council Summit in Kuwait.
The alliance is expected to review the current oil market situation and finalize production plans for the coming year. A key topic on the agenda is the status of the voluntary production cuts, amounting to 2.2 million barrels per day, maintained by eight OPEC+ countries since the beginning of 2024. These nations include Russia, Saudi Arabia, Algeria, Iraq, Kazakhstan, Kuwait, the UAE, and Oman.
Originally, these countries planned to gradually phase out restrictions and restore production from October 2024. However, according to Russian Deputy Prime Minister Alexander Novak, market conditions did not allow for this, with the extension of cuts attributed to the seasonal decline in oil demand during winter. The production increase was initially postponed to December, and later to the end of 2024.
Reuters, citing OPEC+ delegation sources, reported that the alliance might consider extending voluntary cuts through the entire first quarter of 2025.
The OPEC+ ministerial monitoring committee meeting is set to begin at 2:00 PM Moscow time, followed by the full ministerial meeting at 2:30 PM.
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Based on materials from TASS