Key OPEC+ producers are scheduled to convene in Riyadh this weekend to discuss oil output cuts. Officials from Kazakhstan, Russia, the UAE, and Kuwait will gather in the Saudi capital on Sunday.
The agenda includes deliberations on extending supply curbs, possibly until the end of 2025, according to sources requesting anonymity.
OPEC+ plans to cut production primarily to stabilize oil prices and balance supply and demand in the global oil market. By reducing output, they aim to prevent oversupply, which can lead to a decrease in oil prices.
The strategy is often employed to support oil prices and maintain revenue for member countries. Additionally, cutting production can also help manage inventory levels and support the overall health of the oil market.
OPEC+ is a coalition of oil-producing countries led by the Organization of the Petroleum Exporting Countries (OPEC), along with other non-OPEC nations, including Russia, Kazakhstan, and others.