*

Group working on complex deal for 2024-2025, sources say

*

Kazakhstan's minister travelling to Riyadh, adviser says

*

OPEC+ still officially schedules meeting as online

gathering

(Adds details, quotes from source and analysts, from paragraph

3)

By Ahmad Ghaddar, Olesya Astakhova and Maha El Dahan

LONDON, May 31 (Reuters) - 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 on Friday.

Kazakhstan's energy minister Almasadam Satkaliev will travel

to Riyadh, Shyngys Ilyasov, an adviser to the minister, told

Reuters by phone. The adviser did not say how many other OPEC+

ministers would attend.

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.

SERIES OF MEETINGS

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.

The invitation to the Saudi capital is the second change of

plan. OPEC+ originally planned to convene at OPEC's Vienna

headquarters but shifted the meeting online.

OPEC+ is trying to agree new oil production capacity for its

member countries by the end of 2024, an issue that has created

tension in the past because each nation's output target is

calculated based on its notional capacity.

"If the cuts are indeed extended into 2025 that will also

raise the issue of the group's planned capacity audit and

baseline reset, which likely won't be settled until later this

year," said Rory Johnston, founder of oil research service

Commodity Context.

The countries which have made voluntary cuts are Algeria,

Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the

United Arab Emirates.

"We would not entirely rule out a plot twist - in the form

of a deeper cut - given Prince Abdulaziz's penchant for

Hollywood twist endings," said Helima Croft from RBC Capital

Markets.

Saudi energy minister Prince Abdulaziz bin Salman has

repeatedly said he likes keeping the oil market on its toes and

has promised to punish speculators.

The OPEC+ meeting coincides with Saudi Arabia's sale of a

new stake in state oil giant Aramco that could raise

as much as $13.1 billion to help fund Crown Prince Mohammed bin

Salman's plan to diversify the economy.