LONDON/DUBAI: Despite moving Sunday’s oil output decision-making meeting online, several OPEC+ ministers plan to fly to Saudi Arabia’s capital Riyadh, two OPEC+ sources said.
OPEC oil-producing nations plus others including Russia make up OPEC+, which is set to decide its production policy for the remainder of 2024 and possibly next year.
Sources said OPEC+ is expected to discuss a complex deal that may extend deep oil production cuts into 2025.
Oil prices rise on OPEC+ restraint prospect
Several OPEC+ ministers have been invited to Riyadh, sources said on Friday.
OPEC+ members are cutting output by 5.86 million barrels per day (bpd), or about 5.7% of global demand.
Some sources suggested that the meeting on Sunday will involve countries making voluntary supply cuts of 2.2 million bpd as part of the group’s overall effort to curb supply, balance the market, and support crude prices.
Those extra cuts are due to expire this month.
The countries making them are Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates.
Saudi Arabia’s energy ministry did not immediately respond to a request for comment about the meetings.
OPEC+ has made a series of cuts since late 2022 amid rising output from non-members such as the United States, and worries over demand amid high interest rates.
Sunday’s policy-setting meeting was originally scheduled to be an in-person event held in Vienna at the Organization of the Petroleum Exporting Countries’ headquarters but was moved online last week.
A series of meetings is expected to begin at 0900 GMT on Sunday.
Besides production cuts, OPEC+ is set to debate members’ production capacity figures, a historically contentious issue.
Capacity estimates help OPEC+ establish baseline production figures from which cuts are made.
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