MOSCOW, December 5. /TASS/. Ministers of OPEC+ member countries will have a videoconference meeting on Thursday to discuss their future oil production plans at least until 2025.
The OPEC+ Ministerial Monitoring Committee and the OPEC+ Ministerial Meeting are held twice a year. The previous talks took place on June 2. On that day, eight OPEC+ nations that have been reducing oil production voluntarily, gathered in Riyadh, while other officials joined them via a video linkup.
The meetings, initially scheduled for December 1, were postponed due to the fact that a number of ministers are participating in the Gulf Summit in Kuwait.
Eight OPEC+ nations, including Russia and Saudi Arabia, have been reducing oil production voluntarily by 2.2 mln barrels per day since Q1 2024. These countries planned to start ramping up output gradually starting in October 2024, but this increase has been postponed until the end of 2024. Bloomberg said earlier citing sources in OPEC+ delegations that the countries of the alliance might agree to postpone any increases in production by several more months at their December 1 meeting.
On December 2, Reuters wrote with reference to sources in OPEC+ delegations that during Thursday’s meeting the group is likely to extend its latest round of oil output cuts until the end of the first quarter.
The OPEC+ Joint Ministerial Monitoring Committee will convene at 2:00 p.m. Moscow time (11:00 a.m. GMT), while the ministerial meeting itself is expected to begin at 2:30 p.m. Moscow time (11:30 a.m. GMT).