Although the OPEC+ meeting scheduled for Sunday to decide on oil production policy will be held online, several OPEC+ ministers plan to travel to the Saudi capital, Riyadh, to take part, two OPEC+ sources told Reuters.
The OPEC+ alliance includes OPEC countries and other countries including Russia, and will decide its production policy for the rest of 2024 and possibly next year.
Sources said the alliance is expected to discuss a complex deal that could extend major oil production cuts until 2025, according to Reuters.
Sources said on Friday that a number of OPEC+ ministers had been invited to go to Riyadh.
OPEC+ members are currently cutting production by a total of 5.86 million barrels per day, or about 5.7 percent of global demand.
Some sources indicated that tomorrow's meeting will include countries that are making voluntary supply cuts of 2.2 million barrels per day as part of the coalition's comprehensive efforts to curb supplies, balance the market and support crude prices.
These additional cuts are due to expire this month.
The countries implementing voluntary reductions are Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the UAE.
OPEC+ has made a series of cuts since late 2022 amid rising production from non-member countries such as the United States and concerns about demand amid rising interest rates.
Tomorrow's production policy meeting was originally scheduled to be held in person at OPEC headquarters in Vienna, but was moved online last week.
A series of meetings is expected to begin at 0900 GMT tomorrow.
In addition to production cuts, OPEC+ is set to discuss member states' production capacity, a long-controversial issue.
Estimating production capacities helps the OPEC+ alliance determine the baseline production figures on which cuts are made.
