The OPEC+ coalition, consisting of 23 nations, is set to hold its next meeting on December 5, likely in a virtual format. This shift is the third time the alliance has held meetings online since the Covid-19 pandemic.
Crude prices currently hover around $75 per barrel, insufficient for many OPEC members to meet budgetary needs. Saudi Arabia requires prices closer to $100 per barrel to support its economic reforms.
OPEC+ has delayed its plan to restore 2.2 million barrels per day of production twice, pushing the timeline to January 2024. Oil prices have dropped 15% since July due to weak demand from China and rising U.S. supplies.
The coalition is already managing three production cut agreements: a formal cap restricting output to 39.725 million barrels per day, a voluntary reduction of 1.7 million barrels per day through 2025, and an additional 2.2 million barrels cut scheduled to begin phasing out in December.
