MOSCOW, November 22. The OPEC and OPEC+ meetings have been officially postponed from November 25 and 26 to November 30, follows from the OPEC press release.
» The 187th Meeting of the OPEC Conference, the 51st Meeting of the OPEC+ Monitoring Committee (JMMC) and the 36th OPEC and Non-OPEC Ministerial Meeting, originally scheduled for November 25 and 26, 2023, have been rescheduled to Thursday, November 30, 2023 «, the message says.
Previously, sources reported that the meeting of the monitoring committee and the meeting of the heads of OPEC+ delegations will be held in person in Vienna on November 26. And the day before, on November 25, a meeting of OPEC countries was supposed to take place.
Bloomberg reported on Wednesday, citing OPEC delegates, that the meeting was likely postponed due to difficult negotiations Saudi Arabia with other members about their production levels.
As part of the deal, OPEC+ will reduce production by 2 million barrels from the level of August of the same year from November 2022. This decision is valid until the end of 2023. Following the meeting on June 4, the alliance announced the extension of its deal to 2024 and a reduction in the target level of oil production by 1.4 million barrels from next year. A number of OPEC+ countries, including the Russian Federation and Saudi Arabia, have cuts in excess of quotas, totaling 1.66 million barrels per day. They are valid until the end of 2024.
Moscow and Riyadh also have additional voluntary cuts. Saudi Arabia has been cutting its production by an additional 1 million barrels per day since July, while the decision lasts until the end of the year. Russia, in turn, has been further reducing oil exports since August: in the first month by 500 thousand barrels per day, and in September-December — by 300 thousand barrels per day.
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