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OPEC+ will keep oil policy unchanged in review talks - sources

Commodities Dec 03, 2022 10:30AM ET
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© Reuters. FILE PHOTO: An OPEC flag is seen on the day of OPEC+ meeting in Vienna in Vienna, Austria October 5, 2022. REUTERS/Lisa Leutner
 
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By Rowena Edwards and Maha El Dahan

LONDON/DUBAI (Reuters) - OPEC+ will likely stick to its oil output targets when it meets on Sunday, five OPEC+ sources said on Saturday, a day after the Group of Seven (G7) nations agreed a price cap on Russian oil.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.

Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow's war in Ukraine.

OPEC+ argued it had cut output because of a weaker economic outlook and oil prices have declined since October due to slower Chinese and global growth and higher interest rates. [O/R]

On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.

Moscow said it would not sell its oil under the cap and was analysing how to respond.

Many analysts and OPEC ministers have said the price cap was confusing and probably inefficient as Moscow has been selling most of its oil to countries like China and India, which have refused to condemn the war in Ukraine.

OPEC virtually met on Saturday without allies such as Russia and discussed mostly administrative matters, sources said. The ministers did not discuss the Russian price cap.

Five OPEC+ delegates said on Saturday the OPEC+ meeting on Sunday would likely approve a policy rollover.

On Friday, two separate OPEC+ sources said a further output cut was not completely off the table given concern about economic growth and demand.

OPEC+ begins talks at 1100 GMT on Sunday with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.

OPEC+ will keep oil policy unchanged in review talks - sources
 

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Comments (4)
dim dim
dim dim Dec 03, 2022 1:16PM ET
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in the next 6 months the price of oil will jump to 250 dollars/barrel, the reason will be learned from the EU, which knows nothing about international trade and how prices are set
Brad Albright
Brad Albright Dec 03, 2022 1:16PM ET
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Well, you certainly got your screen name right.
Dr Clueless
Dr Clueless Dec 03, 2022 1:16PM ET
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What are your qualifications for such a adverse opinion?
Rod Quasney
Rod Quasney Dec 03, 2022 12:00PM ET
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Russia won't sell under price cap. Yet they've been selling to China and India for far less. Perhaps their not willing to anymore? lol, how are they going to fund their war?
Kerry Ditto
Kerry Ditto Dec 03, 2022 11:26AM ET
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stock mkt looks tumbling soon.
jonathan seagull
jonathan seagull Dec 03, 2022 11:26AM ET
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What’s your clues?
Chris Gonzales
Chris Gonzales Dec 03, 2022 11:01AM ET
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simply put cannot say until opec makes decision
 
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