OPEC+, the Organization of the Petroleum Exporting Countries and their allies, postponed its meeting on production policy from December 1 to December 5 in order to avoid a conflict with another event, it announced Thursday.
A summit of Gulf countries is to be held in Kuwait on December 1, which several OPEC+ ministers plan to attend, the alliance explained in a statement.
“Sunday doesn’t suit everyone,” a source told Reuters before the official announcement.
OPEC+ sources said a further postponement of the oil production increase planned for January would be discussed at the meeting.
OPEC+, which pumps about half the world's oil, aims to gradually reverse oil production cuts through 2025 that it introduced to help support prices.
However, the slowdown in Chinese and global demand and the increase in production outside the group constitute obstacles to this plan.
On November 3, OPEC+ again postponed its first production increase, planned for December, by a month.
(Reporting by Vladimir Soldtakin in Moscow and Ahmad Ghaddar in London; with contributions from Angela Christy in Bangalore; written by Yousef Saba in Dubai; French version Diana Mandiá, edited by Augustin Turpin)
