OPEC and its allies, including Russia, are set to meet online to discuss potential adjustments to the existing agreement that restricts oil supply until 2024. The meeting, initially scheduled for November 26, was delayed due to disagreements, particularly concerning output levels for African producers. In June, OPEC+ extended oil output cuts until the end of 2024, with Saudi Arabia voluntarily reducing output by 1 million bpd until December 2023. Russia also implemented a 300,000 bpd cut until the end of 2023. Current production levels, including voluntary cuts, stand at 38.19 million bpd. Analysts suggest the possibility of a "collective further reduction" and anticipate Saudi Arabia might extend its voluntary cut into the first quarter of 2024.

SOURCE: GOOGLE