The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have rescheduled their output policy meeting from December 1 to December 5. The adjustment aims to avoid a clash with the 45th Gulf Cooperation Council Summit in Kuwait City, which several OPEC+ ministers are slated to attend.
Prior to the postponement, key OPEC+ figures, including Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak, engaged in discussions about potentially delaying the planned increase in oil production set for January. The alliance, which controls about half of the world's oil production, has been gradually easing production cuts implemented to support prices. However, challenges such as a slowdown in demand from China and increased output from non-member countries have complicated these plans.
