OPEC+ Meeting to Discuss Deepening, Extending Oil Production Cuts

Oil prices rise ahead of meeting, as OPEC Secretary General criticizes IEA for vilifying oil and gas industry.

OPEC+ is set to meet on Thursday to discuss oil production policy, with the possibility of deepening and extending cuts to oil production amid fears of supply being consistently higher than demand.
Oil prices rose ahead of the meeting, snapping a multi-session losing streak, with expectations that the OPEC+ group might extend production cuts into 2024.
OPEC Secretary General Haitham Al Ghais accused the International Energy Agency (IEA) of vilifying the oil and gas industry, ahead of the pivotal United Nations conference on the climate crisis later this week.
OPEC+ has already pledged total oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022.
The meeting was delayed due to a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.