The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to December 5 via video conference.
The meeting was postponed as it was clashing with another event, OPEC said on Thursday.
In a statement, OPEC said that several ministers will be attending the 45th Gulf Summit in Kuwait.
“Sunday does not suit everyone,” a source had told Reuters before the official announcement.
Top OPEC+ ministers have held talks ahead of the meeting.
OPEC+ sources have said there will be discussion over a further delay to oil output increases due to start in January.
Saudi Energy Minister Prince Abdulaziz bin Salman, de facto head of the Organization of the Petroleum Exporting Countries, on Wednesday had a phone call with Russian Deputy Prime Minister Alexander Novak and Kazakh Energy Minister Almasadam Satkaliyev.
Iraq, Saudi Arabia and Russia held talks in Baghdad on Tuesday.
OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries.
The organization came into being at the Baghdad Conference on September 10–14, 1960, with the efforts of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
OPEC+, which comprises OPEC and allies led by Russia pumps about half the world’s oil.
The group aims to gradually unwind oil production cuts through 2025 which it introduced to help support prices.
However, a slowdown in Chinese and global demand and rising output outside the group pose hurdles to that plan.
OPEC+ on November 3 again postponed its first output hike which had been set for December by one month.
OPEC+ members are holding back 5.86 million barrels per day (bpd) of output, or about 5.7% of global demand.
Their planned first increase of about 180,000 bpd – a fraction of the total – is due to be made by the eight members involved in the group’s most recent cuts.
(With inputs from Reuters)
