Vienna: The Organization of the Petroleum Exporting Countries (OPEC) announced on Thursday that it will hold its 189th regular ministerial meeting on December 10th via video conference under the chairmanship of Marcel Abaki, Minister of Oil of Gabon and President of the Conference for 2024. The meeting, which is held twice a year, is crucial for reviewing the organization’s general affairs and discussing major internal issues. It also involves making important decisions related to production policies and cooperation between member states.
According to Kuwait News Agency, the upcoming OPEC meeting is timely as global oil markets face challenges and changes due to fluctuations in demand and supply of crude. The ministers are expected to discuss developments in global oil markets and review production levels. They will also focus on cooperation between member states and non-member states. This meeting follows the 188th ministerial meeting in June 2023, where significant decisions regarding future production str
ategies were made.
At the June meeting, OPEC+ decided to extend voluntary production cuts that had been implemented earlier. Member countries agreed on the importance of maintaining stability in the global oil market through continuous monitoring of market conditions. Measures were also agreed upon to balance supply and demand and support prices amid challenges from increased production in some non-OPEC countries and weak global demand.