OPEC+ Deliberates Production Strategy Amid Global Market Shifts

Top OPEC+ ministers are discussing a potential further delay to an oil output hike planned for January. This comes amid concerns over weak demand and increased output outside the group. OPEC+ had previously agreed to production cuts to support the market, affecting global oil supply dynamics.

OPEC+ ministers are engaged in crucial discussions ahead of their weekend meeting to determine oil output policy amid fluctuating global market conditions. Sources indicate that members are considering delaying an anticipated output increase originally scheduled for January.

Saudi Energy Minister Abdulaziz bin Salman recently held discussions with Kazakh Energy Minister Almasadam Satkaliyev and Russian Deputy Prime Minister Alexander Novak. The talks emphasized the importance of adhering to voluntary production cuts agreed by OPEC+ members, highlighting the collective efforts of the organization to stabilize oil prices amid a slowing demand.

With OPEC+ producing nearly half of the world's oil, the group's decision will significantly impact the global market. Analysts predict the output hike might be pushed to the end of the first quarter, essential as OPEC+ manages its output strategy against a backdrop of increasing external oil supply and diminished demand, particularly from China.

(With inputs from agencies.)