Saudi Arabia has summoned some Opec+ energy ministers to Riyadh in a move that analysts said is a sign the oil cartel is preparing to set surprise production targets for 2025 at the group’s twice-yearly meeting on Sunday. Kazakhstan’s energy minister was among those asked to travel to Saudi Arabia, two people familiar with the plans said. Ministers from Iraq and Russia may also travel to Riyadh, one of the people said.
“They will probably just come up with a single number: Opec+ is going to produce this much for next year,” he said. “The question of how you unravel is really the big one,” said Raad Alkadiri, a veteran Opec watcher at the Center for Strategic and International Studies. But he cautioned that the group may not want to be too explicit at Sunday’s meeting. “As a group, they are past masters at hinting and alluding without necessarily coming out with definitive statements.