Saudi Arabia invites OPEC+ ministers to Riyadh for June 2 meeting

Saudi Arabia has invited OPEC+ oil ministers to Riyadh to hold their June 2 policy meeting to discuss a complex deal that may extend deep oil production cuts into 2025, sources from the producer group told Reuters.

The Organization of the Petroleum Exporting Countries led by Saudi Arabia and allies including Russia, known as OPEC+, has made a series of output cuts since late 2022 amid rising production from the United States and other non-members.

OPEC+ is currently cutting output by a total of 5.86 million barrels per day, equal to about 5.7% of global demand.

The cuts include 3.66 million bpd by OPEC+ members valid through to the end of 2024, and 2.2 million bpd of additional voluntary cuts by some members which expire at the end of June.

A deal on Sunday could include extending some or all of the cuts of 3.66 million bpd into 2025 and some or all of the voluntary cuts into the third or fourth quarter of 2024, three sources familiar with OPEC+ discussions said on Thursday.

Another source, an OPEC+ delegate, when asked on Friday if Sunday's meeting would make decisions on 2025, said: "Part of it, yes."

The extension of some cuts into next year will likely be made conditional on OPEC+ agreeing new individual member output capacity figures later in 2024, two of the sources said.

Oil prices have risen this year but concern about demand and the prospect of higher-for-longer interest rates in major economies has weighed. Brent , the global benchmark, traded below $82 a barrel on Friday, down from a six-month high of $92.18 in April.

Not all ministers are expected to travel to Riyadh for Sunday's meeting, which is still officially scheduled as an online gathering. A series of meetings is expected to begin at 1000 GMT on Sunday.