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OPEC+ postpones policy meeting to November 30

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The ministerial meeting of the OPEC+ alliance earlier fixed for Saturday and Sunday, November 25 and 26, 2023, in Vienna has been postponed to Thursday, November 30, 2023.

This was disclosed on Wednesday by the Vienna-based agency of the Petroleum Exporting Countries on its website.

“The 187th Meeting of the OPEC Conference, the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC), and the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 25 and 26 November 2023, have been rescheduled to Thursday, 30 November 2023,” the statement read.

OPEC is an organisation enabling the cooperation of leading oil-producing countries to collectively influence the global oil market and maximize profit.

The organisation is an intergovernmental institution comprising 13 Member Countries that seek to coordinate petroleum policies and support balance in the oil market.

The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, Reuters reports.

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