OPEC Delays Ministerial Meeting to December 5

OPEC+ postpones ministerial meeting to December 5

28 Nov, 2024 9:09 PM

Vienna, Nov 28 (IANS) The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, has posted its ministerial meeting, originally scheduled for Sunday, to December 5.

The Vienna-based OPEC said in a statement on Thursday that the ministerial meeting has been rescheduled because several OPEC+ ministers "will be attending the 45th Gulf Summit in Kuwait City."

OPEC+ oil ministers are set to decide on their output policy in the upcoming ministerial meeting, which will be held via videoconference, Xinhua news agency reported.

Early this month, eight OPEC+ member countries announced an extension of their voluntary oil production cuts by a month until the end of December, as oil prices have generally trended downward in recent weeks amid concerns over slowing global demand.

In its monthly oil market report for November, OPEC further trimmed its forecasts for global oil demand growth this year and next, marking the organisation's downward revision for the fourth consecutive month.

Courtesy Media Group: IANS

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