OPEC+ Postpones its output policy meeting until Dec 5

OPEC announced on Thursday that the OPEC+ group of oil producing countries had postponed their next meeting regarding output policy from December 1 to Dec. 5, to avoid a clash with another event.

OPEC announced that several OPEC+ Ministers will attend a summit of Gulf Arab Countries to be held on December 1 in Kuwait City.

Before the official announcement, a source said that "Sunday is not for everyone".

Top OPEC+ Ministers held discussions ahead of the summit. OPEC+ has said that there will be a discussion about a possible delay in the oil production increases scheduled to begin in January.

Saudi Energy Minister Prince Abdulaziz bin Salman - de facto leader of the Organization of the Petroleum Exporting Countries - spoke with Russian Deputy Premier Alexander Novak on Wednesday, while on an official trip to Kazakhstan.

Iraq, Saudi Arabia and Russia met in Baghdad Tuesday.

OPEC+, a grouping of OPEC plus allies led by Russia, pumps around half the oil in the world. The group wants to slowly unwind the oil production cuts it implemented to support prices through 2025.

A slowdown in Chinese demand and an increase in output outside of the group are obstacles to this plan.

OPEC+ again delayed its first production increase, which was originally scheduled for December by a month on November 3.

OPEC+ members hold back 5,86 million barrels of oil per day (bpd), or 5.7% of the global demand.

The eight members who were involved in the most recent cuts will be responsible for the first planned increase. This is a fraction of what the group has been able to achieve. The eight members of the group who were involved in the most recent cuts will be responsible for their first increase. This is a fraction of what they have planned.

(source: Reuters)