The OPEC+ ministerial meeting, originally scheduled for Sunday, has been postponed to December 5, the organisation announced on Thursday. The 22-member alliance, led by Saudi Arabia and Russia, had been expected to discuss its oil output strategy for 2025, especially with crude prices experiencing a decline.
OPEC stated that the rescheduling was necessary due to several ministers attending the 45th Gulf Summit in Kuwait City.
The delay comes over ongoing efforts by key OPEC+ nations to stabilise oil prices, including the recent extension of production cuts.
To boost prices, eight OPEC+ countries, including Saudi Arabia and Russia, extended their voluntary production cuts of 2.2 million barrels per day until the end of December. These measures aim to curb production increases initially planned for January, driven by concerns over sluggish demand.
