Reuters: OPEC+ monitoring committee will not recommend changing production levels

The monitoring committee of energy ministers of the OPEC + member countries at a meeting on February 1 will not recommend the alliance to change the current level of oil production, reports Reuters citing five sources within the organization.

According to the interlocutors of the agency, the meeting will discuss economic prospects and the level of demand for oil in China, and a discussion about changing the current oil production policy is unlikely. “There are no expectations from this meeting. This will not be an OPEC+ meeting, but just a meeting of the monitoring committee without any decisions or recommendations,” one of the sources said.

The last time OPEC+ countries changed their production policy was in October. Then the countries of the alliance agreed to reduce the target level of production by 2 million barrels per day from November 2022 to the end of 2023. On December 5, the price ceiling for Russian oil at the level of $60 per barrel, introduced by the EU and G7 countries, came into force.

One of Russia's possible responses to the ceiling could be to cut oil production in order to cause an increase in oil prices in the world and thereby break the very mechanism of the ceiling. However, at the OPEC+ meeting in December, it was decided to leave the oil production policy unchanged.

Read more about the prospects for the upcoming OPEC + meeting in the material "The Petroleum Principle of Non-Doing".

Erdni Kagaltynov

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