The Organization of the Petroleum Exporting Countries is set re-elect current secretary general Haitham al-Ghais for a second three-year term at a virtual meeting on Dec. 10

OPEC+ pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group

Oil futures fell nearly 2% as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices

The OPEC pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed, with Libya again posting the largest increase

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025 and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5

Saudi Arabia, Russia and Kazakhstan stressed the importance of full commitment to the voluntary oil production cuts agreed by the Organization of the Petroleum Exporting Countries and their allies

President-elect Donald Trump’s plan to impose a 25% tariff on Canadian and Mexican imports on his first day in office does not exempt oil from the trade sanctions

OPEC+ 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

Oil prices rose as Russia and Ukraine exchanged missile strikes, overshadowing the impact of a larger-than-expected increase in U.S. crude inventories

The goal is to reach an agreement for the countries involved in this framework to commit to ensuring that their export credit agencies stop providing subsidies for overseas oil and gas projects