Source: OPEC + will likely stick to current policy until the February 2 meeting

Several OPEC + sources have said the group is likely to adhere to the expected increase in the target oil production level for March when it meets next Wednesday, as it believes demand is in recovery despite prospects of a decline caused by the pandemic and expected increases in interest rates.

While two OPEC + sources claim that the price of oil has reached the highest level in seven years close to $ 90 a barrel, could prompt the group to consider further steps, most sources ruled out making a new decision at the meeting online on February 2.

A Russian source told Reuters that Moscow is concerned that rising prices will lead to the return of US shale oil production to a new boom.

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