‎OPEC+ unlikely to amend oil production plan: Report

Saudi Arabia

‎OPEC+ unlikely to amend oil production plan: Report

OPEC+ is unlikely to adjust its oil production target when key ministers of member nations meet virtually on April 3, staying the course amid turbulence in global financial markets, delegates from the group told Bloomberg.

This meeting is set to maintain the oil producers’ position, they added.

Given the banking industry tumult affecting the economic outlook and Western sanctions on Russia creating uncertainty about oil supply, there is no need to deviate from the current plan, the delegates explained.

A Bloomberg poll of analysts and traders suggested no change from the OPEC+ Joint Ministerial Monitoring Committee (JMMC) during the meeting.

Group leader Saudi Arabia has previously said the 23-nation alliance should keep oil supplies steady for the whole of 2023, given the fragile recovery in global oil demand.

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