OPEC+ postpones meeting to decide oil production strategy to Dec. 5: Sources [Video]

The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC.

The sources did not want to be named given the sensitivity of discussions.

The coalition, made up of the Organization of the Petroleum Exporting Countries and its allies, was initially scheduled to meet on Dec. 1. They will now confer virtually next week.

The OPEC+ coalition is currently operating three sets of separate oil production cuts, in response to an uncertain demand outlook.

Under its formal output strategy, member nations are curtailing their combined production to 39.725 million barrels per day (bpd) into next year. Eight OPEC+ members are meanwhile voluntarily reducing by 1.7 million barrels per day throughout 2025, along with a second set of 2.2 million bpd of cuts that they are currently due to begin phasing out in December.

The OPEC Secretariat …