OPEC+ Reschedules Decision on 2025 Oil Output to December 5

The delay follows reports of internal disagreements over production strategy amid uncertain global demand and rising non-OPEC output.

OPEC+ has postponed its ministerial meeting to decide 2025 oil production policy from December 1 to December 5, citing scheduling conflicts with the Gulf Summit in Kuwait City.
The meeting will now take place online, with analysts suggesting the delay may reflect ongoing disagreements within the group over production strategy.
Key OPEC+ members, including Saudi Arabia and Russia, have extended voluntary production cuts through 2025 to support oil prices, which have been under pressure due to slowing demand.
OPEC+ faces a dilemma: maintaining cuts could reduce its global market share, while increasing output risks further price declines.
Global oil prices have fluctuated recently, with Brent crude trading at $72.68 per barrel and WTI at $68.58 per barrel, partly influenced by easing geopolitical tensions in the Middle East.