DUBAI, November 26, 2024: OPEC and key members, including Iraq, Saudi Arabia, and Russia, held a meeting in Iraq on Tuesday to discuss the importance of maintaining stable oil markets and ensuring fair prices.
The discussions come ahead of OPEC+’s meeting on Sunday, where the organization is expected to consider further delays to its plans to increase oil output.
Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak were among the high-ranking officials who attended the meeting.
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During the talks, the leaders emphasized the importance of market stability, the flow of crude oil, and meeting global demand, highlighting OPEC+’s role in these efforts.
In addition to the three main figures, Russian Energy Minister Sergei Tsivilev and Deputy Energy Minister Pavel Sorokin were also present.
A photo shared by the Iraqi Prime Minister’s media office showed the officials gathered for the talks.
OPEC+, which controls around half of the world’s oil production, has already delayed plans to gradually increase output multiple times this year due to factors such as falling prices, weak demand, and rising production from non-member countries.
Despite these cuts, oil prices have remained relatively stable within the $70-$80 per barrel range, with Tuesday’s prices hovering just below $74, not far above the 2024 low reached in September.
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Azerbaijan’s Energy Minister Parviz Shahbazov stated that OPEC+ may decide to maintain the current output cuts when the group meets on Sunday.
The meeting will be held online, and sources indicate that the extension of the output cuts into 2025 is likely to be on the agenda.