The OPEC+ coalition of major oil-producing countries has delayed its upcoming meeting to December 5, 2025, following signs of disagreement within the group regarding plans to increase oil output. The 22-member OPEC+ alliance, led by Saudi Arabia and Russia, was initially set to meet this Sunday to decide on its output strategy for 2025.
However, the Vienna-based Organisation of the Petroleum Exporting Countries (OPEC) announced on Thursday that the meeting would be rescheduled to December 5 due to several ministers attending the 45th Gulf Summit in Kuwait City. An OPEC spokesperson confirmed that the December meeting will be held virtually.
Earlier this month, eight OPEC+ members extended production cuts until the end of December to support crude prices. Recent price gains have been fueled by speculation that key OPEC+ members might delay increasing production, originally scheduled for January.
Rystad Energy analyst Jorge Leon questioned whether the meeting’s delay was truly due to a scheduling conflict with the Gulf Summit, noting that the dates were set well in advance. He suggested that the postponement could indicate that the group needs more time to resolve differing views on their next steps.
The eight countries extending cuts include Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates. These nations have been holding back on production increases due to concerns over weakening demand, which has recently impacted oil prices.
Analysts warn that if OPEC+ maintains its production cuts, the group’s market share could diminish as non-OPEC producers increase their output. Conversely, increasing production could lead to falling prices.
DNB, Norway’s largest bank, stated that “the oil market in 2025 has no room for additional OPEC+ barrels.”
