The 168th Meeting of the OPEC Board of Governors kicked off today in Vienna and is set to continue through May 9, with key strategic priorities on the table, Trend reports.

Chaired by Nigeria’s OPEC Governor Ademola Adeyemi-Bero, the high-level gathering brings together representatives from all OPEC Member Countries, along with the Secretary General and senior Secretariat officials.

According to an official statement from OPEC, “The Board is reviewing the progress of ongoing projects and overseeing Secretariat initiatives, while also focusing on long-term planning for the organization.”

The timing of this meeting follows a significant move by eight major OPEC+ producers—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—who jointly announced on May 3 that they will increase oil production by 411,000 barrels per day in June.

That decision was described by the organization as “a cautious response to stable market conditions and low global inventories,” with flexibility to adjust as needed based on evolving demand and economic indicators.

The outcome of this meeting may shape OPEC’s production roadmap and global energy strategy heading into the second half of 2025.