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OPEC+ Expected to Stick to Current Production Targets

OIL

OPEC+ will stick to its existing deal at a meeting Monday according to Reuters sources.

  • Last November, OPEC+ reduced its output target by 2 million barrels per day - the largest cut since the early days of the COVID-19 pandemic in 2020. The same reduction applies for the whole of 2023.
  • The group are understood to be waiting for the fall out from Russian sanctions and the return of Chinese demand before committing to new quotas barring other significant events developing.

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