The virtual format of the OPEC+ meeting points to a low probability of a change of course

The virtual format of the OPEC+ meeting points to a low probability of a change of course

DUBAI, Nov 30 – OPEC+’s decision to hold its December 4 meeting in a virtual format indicates that a change in policy is unlikely, a source with direct knowledge of the matter told Reuters on Wednesday.

The virtual meeting also puts the spotlight on the pending European Union deal on a price cap for Moscow oil ahead of the bloc’s December 5 deadline for a full embargo on purchases of Russian crude transported by sea.

“OPEC+ prefers to sit on the sidelines at the moment and assess the outcome of whatever happens on Monday,” the source added.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, are meeting at a time when the impending European Union ban on imports of Russian crude and the G7 price cap on oil from Russia put a question mark on the supply.

In October, OPEC+ agreed to cut production by 2 million barrels per day (bpd), equivalent to 2% of world supply, effective until December 2023.

Melissa Galbraith
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