OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.
Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow’s war in Ukraine.
OPEC+ argued it had cut output because of a weaker economic outlook. Oil prices have declined since October due to slower Chinese and global growth and higher interest rates.
On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.
Moscow said it would not sell its oil under the cap and was analysing how to respond.
Many analysts and OPEC ministers have said the price cap is confusing and probably inefficient as Moscow has been selling most of its oil to countries like China and India, which have refused to condemn the war in Ukraine.
OPEC met virtually on Saturday without Russia and allies and did not discuss the Russian price cap, sources have said.
“We will keep production as it is,” one of the sources said on Sunday. OPEC+ begins talks at 1100 GMT with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.