Sources: OPEC+ to consider extending policy or cutting output at meeting on Sunday

5 OPEC+ sources suggested the group would keep oil production policy unchanged at next Sunday’s meeting, but two sources said they would likely take in also considering a further reduction in production to support prices, which have fallen on fears of a slowing economy.

Five OPEC+ sources told Reuters Sunday’s meeting is likely to extend the current policy. Two other sources said the group could discuss another production cut, but neither expected a significant cut.

The sources added that the meeting could be partially or completely conducted remotely, after it was traditionally expected to be held.

The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and producers outside it led by Russia, agreed in October to cut target production by two million barrels per day through the end of 2023.

The Saudi energy minister reportedly said last week that the OPEC+ group, which will hold its next meeting on Dec. 4, is ready to further cut output if necessary.

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