DUBAI/LONDON/MOSCOW- OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start in January, two sources from the producer group said on Tuesday, ahead of Sunday’s meeting to decide policy for the early months of 2025.
The two OPEC+ sources were speaking after OPEC+ members Iraq, Saudi Arabia and Russia held talks in Baghdad, Iraq, on Tuesday. OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.
OPEC+, which pumps about half the world’s oil, had planned to gradually roll back oil production cuts with small increases over many months in 2024 and 2025. But a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan.
Azerbaijan’s Energy Minister Parviz Shahbazov told Reuters on Monday that OPEC+ may at Sunday’s meeting consider leaving its current oil output cuts in place from Jan. 1. The meeting will be held online, OPEC+ sources said. Last week, OPEC+ sources said the output hike could be delayed until the first quarter. Analysts at Commerzbank expect it could be postponed until at least the end of the first quarter.
