A number of OPEC+ ministers arrived in the Saudi capital, Riyadh. To participate in the coalition meeting scheduled for Sunday, although it will be held online.

The meeting will discuss production policy for the rest of 2024 and perhaps next year, with expectations of discussing a complex agreement that could extend the deadline for major oil production cuts until 2025.

OPEC+ members are currently reducing production by 5.86 million barrels per day, equivalent to about 5.7% of global demand.

These reductions include countries that are making voluntary supply cuts of 2.2 million barrels per day, namely Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the UAE.

OPEC+ is also scheduled to discuss member countries' production capacity, an issue that has long sparked controversy.