OPEC+’s decision to hold its Dec. 4 meeting virtually indicates a policy change is unlikely, a source with direct knowledge of the matter told Reuters on Wednesday.
The virtual meeting also puts the spotlight on the European Union’s pending agreement on a price cap for thepetroleumof Moscow ahead of the Dec. 5 deadline imposed by the bloc for a total embargo on purchases of Russian crude transported by sea.
“OPEC+ prefers to sit on the bench at the moment and evaluate the outcome of what happens on Monday,” the source added.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, are meeting at a time when the European Union’s looming ban on imports of Russian crude and the G7 price cap on Russia’s oil put a question mark over supply.
In October, OPEC+ agreed to cut production by 2 million barrels per day (bpd), equivalent to 2% of global supply, with effect until December 2023.