OPEC+ likely to maintain oil output at meeting, in gesture to US

OPEC+ likely to maintain oil output at meeting, in gesture to US

Oil output is expected to stay the same after Wednesday’s planned meeting of OPEC+ leaders, according to industry experts who say it is partially to appease the United States. 

A host of factors are contributing to this prediction ahead of the decision-making at tomorrow's meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) plus its allies, whose market influence is strong with exports accounting for about 60% of the global petroleum trade, according to the World Bank. 

On Monday, the group’s de-facto leader, Saudi Arabia’s Crown Prince Mohammed bin Salman, held a phone call with Russian leader Vladimir Putin to maintain price market stability, said the Kremlin in a statement. 

OIL MARKET: Russian President Vladimir Putin phoned Saudi Arabia Crown Prince Mohammed bin Salman, per Kremlin read-out.

Putin and Prince Mohammed discussed "cooperation within OPEC+ to provide the stability of global oil market" | #OOTT 🇷🇺⛽️🇸🇦 https://t.co/h910RPUl9L

— Javier Blas (@JavierBlas) January 30, 2023

Amro Zakaria Abdo, an independent energy and financial service industry strategist, believes that given OPEC’s price target of $80 to $90 per barrel for 2023 has already been met, the group doesn't want to invite unwanted attention, and the United States will be watching. 

“They don’t want to anger the US,”