OPEC+ seen heading for oil policy rollover, cut not ruled out

OPEC+ seen heading for oil policy rollover, cut not ruled out

OPEC+ is likely to stick to its current oil output target when it meets on Sunday, two OPEC+ sources said on Friday, although some say a further output cut is not completely off the table given concern about economic growth and demand.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, has switched its planned in-person meeting in Vienna on Dec. 4 to a virtual one, which sources in the group say signals the likelihood of it leaving policy unchanged.

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“It is unlikely there will be any change to the policy,” an OPEC+ source said. Another source made similar remarks, also declining to be identified by name.

Talks begin on Saturday when OPEC ministers hold a virtual meeting at 1100 GMT. OPEC+ begins talks at the same time on Sunday with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.

With oil prices and the economic outlook weakening, the group agreed in October to cut its production target by 2 million barrels per day (bpd), about 2 percent of world demand, from November