‘OPEC+’ meeting will be virtual, indicating current policy is likely not to change (AFP)
An informed source told Reuters on Wednesday that the decision “OPEC+The fact that its meeting took place virtually on December 4 indicates the low probability of a policy change.
The virtual meeting will also focus on the upcoming EU agreement on a cap Russian oil ahead of the deadline set by the union for a complete ban on purchases of Russian crude oil by sea, on December 5th.
“OPEC+ prefers to wait right now and evaluate the outcome of what happens on Monday,” the source said.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, meets as demand suffers from economic slowdown and shutdowns imposed by China to curb the spread of the virus Corona, as supply questions arise due to an impending EU ban on Russian crude imports and the possibility of the Group of Seven imposing a cap on Russian oil prices.
On Tuesday, five OPEC+ sources told the agency that next Sunday’s meeting is likely to extend the work of the current policy. Two other sources said the group could discuss another production cut, but neither strongly suggested imposing a new cut.
The sources added that the meeting could be partially or completely conducted remotely, after it was traditionally expected to be held.
and pay less Oil prices, which approached an all-time high of $147 a barrel in March following the Ukraine war, analysts like Eurasia Group expect OPEC+ to cut production. Brent crude was trading at just over $85 a barrel on Tuesday.
The OPEC+ group agreed in October to cut production by two million barrels a day; That is, equivalent to 2% of global supplies, leading to one of its biggest clashes with the West, as the US administration has described the sudden decision as “short-sighted”.
(Reuters, The New Arab)
