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Economy News - Baghdad
OPEC+ sources told Reuters that the alliance is unlikely to change its current oil production policy when the Joint Ministerial Monitoring Committee meets on Wednesday, while Saudi Arabia and Russia said they would maintain voluntary supply cuts to support the market.
Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, will meet online at 1100 GMT. The committee may call a full OPEC+ meeting if necessary.
Brent crude jumped to $100 per barrel, reaching the highest level since 2022, as the scarcity of supply resulting from reasons including OPEC+’s reduction in production and high demand outweighs concerns about inflation and weak economic growth.
Three OPEC+ sources who requested anonymity said on Wednesday that the committee would likely not make any changes to current policy during the online meeting. Sources made similar statements on Friday.
Saudi Arabia said earlier on Wednesday that it would continue a voluntary reduction of one million barrels per day until the end of 2023, while Russia said that it would maintain the voluntary reduction in exports by 300,000 barrels per day until the end of December, as previously announced.
Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the Joint Ministerial Monitoring Committee, said last month that OPEC+ cuts are necessary to stabilize the market, and there is no price targeting.
The supply reduction by Saudi Arabia and Russia comes in addition to previous restrictions announced since late 2022. The next full OPEC+ meeting is scheduled to be held in November.
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