OPEC+ to weigh rollover or oil output cut at Sunday meeting
OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered to bolster prices that have slid due to fears of an economic slowdown, News.az reports citing Reuters.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds from slowing economies and Chinese COVD-19 lockdowns, while a looming European Union ban on Russian crude imports and a G7 price cap on Russian oil places a question mark over supply.
Five OPEC+ sources told Reuters that the Sunday meeting would most likely roll over existing policy. Two more sources said the group could discuss another output cut, although neither thought another cut was highly likely.