(Bloomberg) — Major OPEC+ producers will gather in Riyadh this weekend to debate oil output cuts after the Saudi-led group revised its meeting plans for a second time.
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Top officials from Kazakhstan, Russia, the United Arab Emirates and Kuwait are among those due to convene in the Saudi capital on Sunday, according to officials. They’ll discuss prolonging supply curbs to the end of this year — and potentially into 2025, said delegates, asking not to be named because the information was private.
The Organization of Petroleum Exporting Countries and its partners had originally scheduled the June 2 meeting at its headquarters in Vienna, but a week ago shifted the conference online. The sessions held by the 22-nation group will still be held virtually, OPEC’s secretariat said on Friday.
The fluctuating plans add intrigue to a meeting that had been widely expected to ratify existing production policy, extending output cuts at their current levels.
All of the countries so far confirmed to be going to Riyadh are making roughly 2 million barrels-a-day of extra production cuts — in addition to group-wide supply curbs — that currently expire at the end of this quarter. Saudi Arabia, Algeria, Iraq and Oman are also participating in these so-called “voluntary” supply reductions.
Kazakhstan confirmed earlier on Friday that its Energy Minister, Almasadam Satkaliyev, will join the meeting in the Saudi capital.
Oil prices were little changed, with Brent crude down 0.4% to $81.62 a barrel as of 6:27 p.m. in London. The international benchmark was on course for a drop of 7% this month.
On the same day as the OPEC+ meeting, Riyadh plans to sell more shares in state oil company Saudi Aramco, a move that could raise as much as 44.8 billion Saudi riyals ($12 billion). The deal will test global investors’ appetite for the world’s biggest oil exporter, and could add further incentive for supporting oil markets.
Read: Aramco Tempts New Investors With Lure of $124 Billion Dividend
–With assistance from Nariman Gizitdinov.
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