No changes are expected in OPEC+ oil production policy

The decision by OPEC+, which represents the world’s major oil exporters, to hold its meeting online on December 4 indicates that there will be no change in oil production policy, according to information provided by a source with direct knowledge. about the topic.

The OPEC+ online meeting, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and other exporting countries led by Russia, will likely also discuss the application of the price cap, which the European Union (EU) has yet to reached an agreement.

The EU will also begin to impose a full embargo on the purchase of Russian crude exported by sea from December 5.

‘THIS TIME THEY WILL PREFER TO WAIT’

“This time, OPEC+ will prefer to wait and assess the consequences of what will happen on Monday,” the source said.

OPEC+, which will meet at a time when the impending EU embargo and the application of maximum prices by the G7 countries to Russian oil created uncertainty about oil supplies, decided to reduce production by 2 million barrels. per day, or 2 percent of the world’s supply, in October. .

OPEC+’s decision to cut production will be valid until December 2023. (REUTERS)