The OPEC+ alliance of major oil-producing nations has rescheduled its ministerial meeting, originally planned for Sunday, to December 5. The 22-member group, led by Saudi Arabia and Russia, was set to decide on its 2025 output policy. However, OPEC announced on Thursday that the meeting was postponed to allow several ministers to attend the 45th Gulf Summit in Kuwait City.

The Vienna-based Organization of the Petroleum Exporting Countries (OPEC) stated that the meeting would now take place online.

Earlier this month, eight OPEC+ members, including Saudi Arabia and Russia, extended supply cuts until December in an effort to bolster crude prices. This move has helped support oil prices, especially with the expectation that key members would delay production increases scheduled for January.

Rystad Energy analyst Jorge Leon questioned whether the rescheduling was truly due to a clash with the Gulf Summit, noting that the dates were set well in advance. He suggested that the delay might indicate internal disagreements within the group over its next steps. Leon speculated that the postponement could offer more time to align differing views within the alliance.

The eight countries extending production cuts include Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the UAE. These nations have been cautious about increasing output amid concerns over slowing demand, which has impacted oil prices in recent months.

Analysts warn that continued output cuts could lead to a loss of market share for OPEC nations as non-OPEC countries increase production. Conversely, raising production could cause oil prices to fall. As analysts at DNB, Norway’s largest bank, put it, “The oil market in 2025 has no room for additional OPEC+ barrels.”