OPEC+ ministers gather in Riyadh to discuss oil policy, 3 JUNE

OPEC+ ministers gather in Riyadh to discuss oil policy

Shafaq News/ OPEC+ ministers kicked off their meeting in Riyadh on Sunday to discuss oil policy, with sources indicating a strong likelihood of extending production cuts through the end of 2025.

Insiders revealed that the first day of OPEC+ talks focuses on production strategy. These sources anticipate OPEC+ will maintain current curbs on output for the remainder of 2024 and into next year.

Invitations were recently sent out for several OPEC+ ministers to convene in the Saudi capital, the sources added.

Currently, OPEC+ members collectively slash production by 5.86 million barrels per day (bpd), representing roughly 5.7% of global demand.

Discussions are expected to touch on countries undertaking voluntary supply cuts of 2.2 million bpd, a key component of the alliance's strategy to manage supply, maintain market stability, and support crude prices. These voluntary cuts are made by Iraq, Algeria, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates.