OPEC+ To Hold Oil Policy Meeting On Dec 1

(MENAFN- Yolo Wire) According to multiple media reports, the OPEC+ cartel will hold its next %Oil policy meeting on Dec. 1 as it looks to set production targets for the coming year.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is reportedly planning to hold a hastily arranged virtual meeting online Dec. 1.

On the meeting’s agenda for the group of oil producers is whether to delay plans to raise oil output in 2025.

OPEC+ could again push back the timing of an oil output increase due to factors such as weak global demand, particularly in China, and the ongoing military conflict in the Middle East.

When OPEC+ held its last policy meeting in June of this year, it was an in-person gathering in Riyadh, the capital of Saudi Arabia.

At that meeting, the cartel agreed to hold off on increasing oil production until they had a clearer picture of global demand.

Since the summer, energy demand in China appears to have weakened further and the conflict between Israel and its neighbours has intensified.

Brent crude oil, the international standard, is currently trading at $73.77 U.S. per barrel.

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