OPEC+ has delayed its policy meeting until Dec. 5 and is expected to consider delaying an increase in oil output that was scheduled to start in January. The plan to increase output has run into the reality of weak demand from China and the threat of US output increases with the arrival of the Trump administration in Q1.

The Organization of Petroleum Exporting Countries and associate members meet on a monthly basis in an effort to set quotas for crude oil production. The group's 13 full members are dominated by Saudi Arabia with other active members including Algeria, Angola, Republic of Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the United Arab Emirates, and Venezuela. Associate members can also be included at the meetings under special conditions set by the full members.

OPEC meetings often result in changes to production quotas among members, raising or lowering the global supply of crude oil which in turn can have immediate outcomes for energy prices.