Four OPEC+ delegates said the group’s Joint Ministerial Monitoring Committee is likely to recommend maintaining current oil output policy when it meets on Wednesday as it seeks to balance demand expectations from China with fears of an economic slowdown. .
Ministers of the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, will meet online at 13:00 GMT. It is possible that the committee will call for a full meeting of “OPEC+” if necessary.
“It looks like we won’t see a new decision,” an OPEC+ delegate said, referring to the committee meeting. Three other delegates made similar comments.
OPEC+ has agreed to cut its production target by two million barrels a day, or about 2% of global demand, starting last November until the end of 2023 to support the market.
The oil market is also focused on an interest rate decision by the US Federal Reserve later today
Wednesday. Investors are hoping the Fed signals the end of monetary tightening.
The Federal Reserve is expected to issue its decision at 19:00 GMT.
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