The group is expected to extend voluntary oil production cuts until the end of the year on top of earlier reductions of about 2.2 million barrels per day in the first half of 2024 to compensate for crude oil price volatility.
The OPEC+ ministerial meeting is expected to be held amid rising tensions over quota output compliance, with some members, such as Iran and Kazakhstan, overproducing well above the agreed levels in early 2024 and forced to announce additional cuts to make up for it.