Azerbaijan's energy minister, Parviz Shahbazov, told Reuters on Monday that OPEC+ may consider at its meeting next Sunday the option of maintaining current oil production cuts from Jan. 1, after the group had already postponed increases amid concerns about demand.
Reuters had previously quoted two sources as saying that the alliance would hold its oil policy meeting scheduled for December 1 online, and that the producers' group was expected to discuss a further postponement of plans to increase production.
OPEC+ sources told Reuters last week that the alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, may again delay production increases amid weak global oil demand.
When OPEC+ held its last full oil policy meeting in June, most ministers attended online. However, a smaller group of eight countries implementing the latest round of voluntary production cuts held a last-minute in-person meeting in the Saudi capital, Riyadh.
An OPEC+ source said there was a possibility of holding a similar meeting this time in one of the Gulf countries, but no plan for such a gathering had been circulated, according to Reuters.
Shahbazov told Reuters in Baku that the issue of continuing to cut oil production could be discussed during the meeting.
He explained that Azerbaijan, a member of the OPEC+ group, whose crude production has declined after peaking in 2010, hopes to maintain stable production until 2030.
