Goldman questions the future and purpose of OPEC+ ahead of a critical meeting

Goldman questions the future and purpose of OPEC+ ahead of a critical meeting

Saudi Minister of Energy Abdulaziz bin Salman speaks during a media briefing at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh for a press conference, on November 18, 2020.FAYEZ NURELDINE | AFP | Getty ImagesLONDON — The future of oil producer group OPEC+ has been called into question by analysts at Goldman Sachs, as the alliance prepares to secure a new mandate on output curbs.OPEC+, a group that comprises some of the world's largest crude producers, is scheduled to meet on Nov. 30 and Dec. 1 to discuss the next phase of its oil production policy.The virtual gathering will likely see OPEC and its non-OPEC partners discuss whether to extend production cuts into next year in an effort to support prices, amid weak demand and a recent upsurge in coronavirus cases."As another OPEC+ meeting nears, uncertainty on the group's decision is once again rising," analysts at Goldman said in a research note published Tuesday."Beyond the outcome of just another quota decision, however, there are renewed concerns about the future of the organization."Russia and other non-OPEC countries have been working with the 14-member group to prop up oil prices in recent years. The group still exerts considerable influence