A recent report showed that the “OPEC Plus” alliance will not accept any amendments to oil production plans when it meets next week, and that it will continue its current course in light of the financial market turmoil.
Delegates from the member states of the group told Bloomberg that the online meeting of the main ministers of the alliance next Monday is scheduled to confirm the preservation of the producers' position.
Given the banking sector crisis affecting the economic outlook, and the sanctions imposed on Russia causing supply uncertainty, there is no reason to abandon the current plan, according to delegates.
A Bloomberg poll of analysts and traders suggested that the joint ministerial committee of the OPEC Plus group would maintain production plans unchanged.
And Saudi Arabia had confirmed that the alliance, which includes about 23 producers, must maintain stable supplies throughout the entire year 2023, in light of the fragile recovery in global oil demand.
Okaz (Riyadh) @okaz_online