A select group of eight countries within the Organisation of the Petroleum Exporting Countries (OPEC+) has moved forward their policy meeting by two days, now scheduled for May 3 instead of May 5. This adjustment is expected to accommodate oil ministers who had scheduling conflicts.
The countries involved in this meeting include Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman, and Kazakhstan. The purpose of the meeting is to discuss and determine crude production targets for the month of June.
The decision to expedite the meeting comes after the eight countries agreed in early April to accelerate plans to ease a collective production cut of 2.2 million barrels per day. Saudi Arabia, a leading member of OPEC+ and the primary force behind the output reductions, is said to have pushed for a more substantial increase in production for May, which contributed to a decline in oil prices to under $60 per barrel, marking a four-year low.
It is expected that the group will decide to boost their collective output by 411,000 barrels per day, a figure three times greater than the increase agreed upon in December 2024.
Tensions have arisen within OPEC+, particularly between Saudi Arabia and other member countries like Kazakhstan and Iraq, who have been accused of exceeding their agreed production targets.
The broader OPEC+ group, which also includes Nigeria, is currently cutting production by over 5 million barrels per day. The full ministerial meeting for all 22 members of the group is scheduled for May 28.
