{"id":423559,"date":"2024-11-29T04:46:05","date_gmt":"2024-11-29T04:46:05","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=423559"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"OPEC-postpones-meeting-on-oil-output-to-December-5","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/OPEC-postpones-meeting-on-oil-output-to-December-5\/","title":{"rendered":"OPEC+ postpones meeting on oil output to December 5"},"content":{"rendered":"

The OPEC+ alliance of major oil-producing nations has postponed a weekend meeting to December 5 in what analysts said were signs of disagreement among the group over plans to increase output.<\/p>\n

The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at a ministerial meeting originally scheduled for Sunday.<\/p>\n

But the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) said in a statement Thursday that the meeting was “rescheduled” to December 5 “as several Ministers will be attending the 45th Gulf Summit in Kuwait City”.<\/p>\n

An OPEC spokesman told AFP that the December meeting will be held online.<\/p>\n

In a bid to boost crude prices, eight OPEC+ members announced earlier this month they were extending supply cuts until the end of December.<\/p>\n

In recent days, oil prices had won support from the prospect that key OPEC+ members would delay a pick-up in production, which was due to begin in January.<\/p>\n

Rystad Energy analyst Jorge Leon raised doubts that the meeting’s postponement was due to a scheduling conflict with the Gulf Summit.<\/p>\n

“The dates were set a long time ago, so it’s not that they realised three days ago that there is a clash,” Leon said.<\/p>\n

“What it might be hinting is that the group needs a little bit more time to decide what to do next,” he told AFP.<\/p>\n

There “seem to be divergent view, and the delaying might help align them before the meeting”.<\/p>\n

The eight nations that have extended production cuts are Saudi Arabia and Russia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the\u00a0United Arab Emirates.<\/p>\n

They have been delaying production increases amid concerns over slowing demand, which has weighed on oil prices in recent months.<\/p>\n

Analysts say that if OPEC nations maintain their output cuts, their market share could fall as non-OPEC nations continue to produce more. And if the group raises production, prices will drop.<\/p>\n

“The oil market in 2025 has no room for additional OPEC+ barrels,” said analysts at DNB, Norway’s largest bank.<\/p>\n

pml-anb-kym\/lth<\/p>\n

<\/p>\n

In a bid to boost crude prices, eight members of the OPEC+ group earlier this month announced they were extending supply cuts until the end of December<\/p>\n

-Mohamed ALEBN ALSHAIKH
<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

The OPEC+ alliance of major oil-producing nations has postponed a weekend meeting to December 5…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23812],"tags":[],"class_list":["post-423559","post","type-post","status-publish","format-standard","hentry","category-national"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/423559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=423559"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/423559\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=423559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=423559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=423559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}