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US NEWS 
By Maha El Dahan, Alex Lawler and Vladimir Soldatkin
- Iraqi, Saudi, Russian officials hold meeting in Iraq
- Talks come ahead of Sunday’s OPEC+ meeting
- Azerbaijan says OPEC+ might consider oil cuts rollover
DUBAI/LONDON/MOSCOW, Nov 26 (Reuters) – OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start in January, two sources from the producer group said on Tuesday, ahead of Sunday’s meeting to decide policy for the early months of 2025.
The two OPEC+ sources were speaking after OPEC+ members Iraq, Saudi Arabia and Russia held talks in Baghdad, Iraq, on Tuesday. OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.
OPEC+, which pumps about half the world’s oil, had planned to gradually roll back oil production cuts with small increases over many months in 2024 and 2025. But a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan.
Azerbaijan’s Energy Minister Parviz Shahbazov told Reuters on Monday that OPEC+ may at Sunday’s meeting consider leaving its current oil output cuts in place from Jan. 1. The meeting will be held online, OPEC+ sources said.
Last week, OPEC+ sources said the output hike could be delayed until the first quarter. Analysts at Commerzbank expect it could be postponed until at least the end of the first quarter.
Despite OPEC+’s cuts and delays to output hikes, oil prices have mostly stayed in a $70-$80 per barrel range this year and on Tuesday were trading below $74 a barrel, not far above a 2024 low reached in September.
COMMITMENT TO DEAL
Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak attended the meeting in Baghdad.
They discussed “the conditions of global energy markets and matters related to the production of crude oil, its flow to markets, and meeting demand,” Iraq’s Prime Minister Office said.
Saudi Arabia’s energy ministry said the three nations emphasised the importance of fully committing to the OPEC+ oil supply agreement, including voluntary production cuts agreed by eight member states and measures to compensate for any increases in production.
At its most recent meeting on Nov. 3, OPEC+ agreed to delay a planned December output increase by a month until the end of December. It is due to come from the eight OPEC+ members that have been making the group’s most recent layer of output cuts.
The hike is due to be 180,000 barrels per day (bpd), a small part of the total 5.86 million bpd of output OPEC+ is holding back, equal to about 5.7% of global demand. OPEC+ agreed those cuts in separate steps since 2022 to support the market.
OPEC+ had earlier delayed the increase from October because of falling prices, weak demand and rising supplies.
Reporting by Nayera Abdallah and Maha El Dahan. Additional reporting by Vladimir Soldatkin. Writing by Alex Lawler. Editing by Jason Neely and Mark Potter
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