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OPEC+ Favoring Production Rollover: Reuters Sources

OIL

OPEC+ is likely to stick to current output targets when it meets Sunday according to OPEC+ sources cited by Reuters. They also said that further output cuts are not completely off the table.

  • "It is unlikely there will be any change to the policy," an OPEC+ source said.
  • Talks begin on Saturday when OPEC ministers hold a virtual meeting at 1100 GMT. OPEC+ begins talks at the same time on Sunday with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.
  • The OPEC+ meeting comes ahead of key market drivers including the impact of Chinese lockdowns, the G7 oil cap and the EU ban on seaborne Russian oil imports.

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