The Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, has postponed its ministerial meeting to December 5 which was initially slated for December 1.
This was disclosed in a statement released on Thursday which reads as follows, “The 57th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 1 December 2024, have been rescheduled to Thursday, 5 December 2024, via videoconference, as several Ministers will be attending the 45th Gulf Summit in Kuwait City, the State of Kuwait.”
Earlier this month, 8 members of the OPEC+ group announced they were extending supply cuts till end of December, in a bid to boost crude prices.
The eight nations extending the cuts are Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates.
More details later.
