OPEC+ Shows No Sign Of Changing Oil Output At Next Meeting

OPEC+ is showing no signs of adjusting oil production next week, suggesting the group is maintaining its current output policy, delegates said.

• The next meeting of the JMMC (48th) is scheduled for 3 April 2023.
• Group leader Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023 as it navigates a fragile recovery in global oil demand. Delegates from the group say privately that an online meeting of key ministers on Monday is set to maintain this position.
• With turmoil in the banking sector affecting the economic outlook and sanctions on Russia creating uncertainty about supply, there’s no need to deviate from the current plan, the delegates said.
• Fourteen traders and analysts polled by Bloomberg also unanimously predicted no change from the OPEC+ Joint Ministerial Monitoring Committee, which has the power to call an emergency meeting if it thinks a change in production policy is necessary.
• “It’s too soon for any firm conclusions that would trigger a recommendation to call a ministerial meeting before June 4, much less adjust quota policy,” Bob McNally, president of Rapidan Energy Group and a former White House official said.
• OPEC+ is due to review output policy for the final six months of 2023 at a meeting at its Vienna headquarters in early June.