OPEC+ could consider maintaining its oil production cuts starting January 1 during its meeting on Sunday, Azerbaijan’s Energy Minister, Parviz Shahbazov, told Reuters. The group had previously postponed production increases amid concerns over demand.
Azerbaijan is a member of the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, and is set to meet on December 1.
OPEC+, which produces about half of the world’s oil, has already delayed a plan to gradually increase production several times this year due to falling prices, weak demand, and increased output from producers outside the group.
The issue of continuing production cuts "could be raised during the meeting," Shahbazov told Reuters in Baku.
He stated that Azerbaijan, where oil production has declined after peaking in 2010, expects to maintain stable output until 2030.
Three OPEC+ sources familiar with the discussions told Reuters last week that the group might again delay production increases when it meets on Sunday due to weak global demand.
