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Opec+ to discuss oil output cuts in Riyadh on Sunday

Person, Worker, Adult Oman News Agency
Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient

Opec+ oil ministers are scheduled to gather in Riyadh on Sunday to discuss the possible extension of their oil production cuts pact, according to a news report.

The members are expected to consider rolling over some or all of the cuts of 3.66 million barrels per day (bpd) into 2025 and some or all of the voluntary cuts into the last two quarters of 2024, Reuters reported, citing Opec+ sources.

Kazakhstan’s energy minister, Almasadam Satkaliev, will travel to the Saudi capital, the news agency reported. No information was given on other ministers attending the meeting in-person.

The meetings are expected to begin at 10:00 GMT on Sunday and continue through videoconference.

Opec+ has lowered output by 5.86 million bpd, including 3.66 million bpd by Opec+ until 2024 and 2.2 million bpd of additional voluntary cuts by the end of June.

Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient.

“For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of the Petroleum Exporting Countries, told the organisation’s economic commission board on Monday.

Analysts at the Wall Street bank Goldman Sachs forecast that global oil demand will grow at least until 2034 as electric vehicle sales slow.

They raised their estimates of oil demand in 2030 to 108.5 million bpd from 106 million bpd. Most of the growth will be driven by Asia, led by China and India.

The investment bank expects global oil demand to peak in 2034 at around 110 million bpd.

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