OPEC+ continues discussions in anticipation of an impending oil policy meeting scheduled for Thursday, as indicated by sources on Monday. Analysts anticipate that the forthcoming gathering, which some OPEC+ sources assert, will deliberate on the prospect of implementing additional output cuts to bolster the market.
The convening of online meetings to determine oil output levels by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia under the OPEC+ coalition, is scheduled to commence at 1300 GMT on Thursday, as outlined in the provided draft agenda.
The meeting, initially slated for November 26, experienced a delay. OPEC+ sources attributed this postponement to a disagreement regarding output levels concerning African producers. However, subsequent reports indicate that the group has made progress towards reaching a compromise on this matter.
Numerous analysts anticipate that OPEC+ will likely prolong or intensify production reductions throughout the upcoming year to bolster prices. As of Monday, the market reflects prices slightly exceeding $79 per barrel, a decline from the late September levels of nearly $98.