OPEC+ seen heading for oil policy rollover, cut not ruled out

OPEC+ has switched its planned in-person meeting in Vienna on Dec. 4 to a virtual one, which sources in the group say signals the likelihood of it leaving policy unchanged

OPEC+ is likely to stick to its current oil output target when it meets on Sunday, two OPEC+ sources said on Friday, although some say a further output cut is not completely off the table given concern about economic growth and demand.

“It is unlikely there will be any change to the policy,” an OPEC+ source said. Another source made similar remarks, also declining to be identified by name. With oil prices and the economic outlook weakening, the group agreed in October to cut its production target by 2 million barrels per day , about 2 per cent of world demand, from November until the end of 2023.

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