Major Oil-Producing Countries OPEC+ Meeting Postponed to 3rd... Scheduled to be Held via Video Conference

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The OPEC+ meeting to decide the scale of oil production among major oil-producing countries has been postponed from the 1st to the 3rd. According to the parties involved, the meeting was delayed to allow additional consultation time. OPEC+ also held a production cut meeting last month, but failed to reach an agreement due to significant differences in positions among the countries.

According to Russia's TASS news agency on the 1st (local time), the OPEC+ ministerial meeting originally scheduled for that day has been postponed to the 3rd. The meeting was expected to decide whether to maintain the current production cut scale until the first quarter of next year. Bloomberg reported that the meeting was postponed to give OPEC+ ministers additional time for consultation.

At the meeting on the 30th of last month, OPEC+ discussed the scale of production cuts for next year but failed to reach a final agreement due to differences in positions among countries. Abdelmadjid Attar, Energy Minister of Algeria, the chair country of OPEC, stated at a press conference that OPEC member countries agreed on the necessity to maintain the current production cut scale and postpone the production increase schedule by three months. However, Russia and Kazakhstan are reportedly opposed to postponing the production increase.

TASS, citing OPEC sources, reported, "Some countries including Russia want to gradually increase production starting from January next year," and that they base this on the improved oil market situation compared to last spring. At the OPEC+ meeting postponed to the 3rd, three options will be discussed and a final decision will be made: maintaining the current production cut scale until the first quarter of next year; increasing production by 1.9 million barrels per day from January to ease the cut scale to 5.8 million barrels per day; and gradually reducing the production cut volume within the first quarter.

This content was produced with the assistance of AI translation services.