OPEC+ to hold next meeting virtually

The next meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will be held virtually, it has been announced.

The group was due to meet on Nov. 26, but this has been delayed until Nov. 30 – the same day the UN climate change conference, known as COP28, begins in Dubai.

The alliance is mulling over further production cuts, having agreed in June to limit supply into 2024.

Saudi Arabia made an additional pledge to reduce oil production by 1 million barrels per day – a move that will now continue until the end of the year.

On Nov. 24, a Kremlin spokesman said all necessary decisions by OPEC+ on further cuts would be taken “as soon as they are ready,” in light of reports over a debate on reduction in production from African members of the alliance.