OPEC+ Switch To Virtual Meeting Signals Policy Roll-Over Ahead Of Russian Oil Price Cap: Report

Highlights
The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, sources told Reuters on Wednesday, as the group assesses the impact of the looming Russian oil-price cap on the market.
A virtual meeting puts the focus on the pending European Union deal over the price cap on Russian oil, as well as a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude.
"OPEC+ would rather sit on the bench at this time and assess the outcome of what happens on Monday," one source with direct knowledge of the matter told Reuters on Wednesday.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, also meets as China's COVID-19 lockdowns weigh on demand and prices. Still, oil on Wednesday gained support from hopes of a Chinese demand recovery.
OPEC+ had been expected to convene in Vienna for only the second time since the pandemic.
OPEC also made a meeting of its own ministers planned for Saturday a virtual gathering, and OPEC+ cancelled a meeting of oil market experts, the Joint Technical Committee, that had been scheduled for Friday, sources said.
"It looks like a simple decision to roll over on Sunday," an OPEC+ delegate said. Some delegates who had travelled to Vienna for technical meetings this week were making plans to return home ahead of the weekend.
In October, OPEC+ agreed to cut output by 2 million barrels per day (bpd) equal to 2% of global supply, effective until Dec. 2023. The decision caused a clash with the West as the U.S. administration called the decision shortsighted.
Top OPEC exporter Saudi Arabia on Nov. 21 said OPEC+ was sticking with output cuts and could take further measures to balance the market.
Analysts and some OPEC+ delegates have said a further cut on Sunday should not be ruled out, although two delegates on Tuesday put a low probability of this happening.
"Market fundamentals favour another cut, especially given the uncertainty over China's COVID situation," said Stephen Brennock of oil broker PVM.
Great Deals on Used Cars
View All Used Cars
- 1,000 km
- Petrol
- Manual

- 42,000 km
- Petrol+CNG
- Manual

- 50,000 km
- Diesel
- Automatic

- 62,246 km
- Petrol
- Automatic

- 74,440 km
- Petrol
- Manual

- 67,000 km
- Diesel
- Manual

- 50,561 km
- Petrol
- Manual

- 57,000 km
- Petrol
- Manual

- 25,000 km
- Petrol
- Automatic

- 65,210 km
- Petrol
- Manual
Upcoming Cars










Upcoming Bikes










Explore More
Latest News
Related Articles

8 hours ago
A strong push during the festive season helped Ola Electric achieve its highest-ever monthly sales, retaining its number-one position in the market.

8 hours ago
Gauhar Khan and her husband, Zaid Darbar, were pictured together at the dealership in Mumbai while taking delivery of their new Mercedes.

8 hours ago
Hero MotoCorp’s cumulative sales for November 2023 stood at 491,050 units, witnessing a 25.61 per cent increase year-on-year

9 hours ago
The bikemaker’s cumulative motorcycle sales for the year 2023 stood at 621,672 units, reflecting a 13 per cent increase.

10 hours ago
In the previous month, the automaker sold a total of 11,891 units, marking a growth of 24 per cent as compared to the same month last year.

11 hours ago
At present, India’s largest carmaker holds just a little over 2.06 lakh open bookings, nearly a third of which are for the Ertiga.

12 hours ago
New variant of the Chetak scooter gets some changes as compared to the Premium variant currently on sale.

13 hours ago
The cumulative sales for the Calendar Year 2023 reached 2,10,497 units - a 40 per cent growth over 2022

11 months ago
Oil prices rose to three-week highs on Tuesday as China's latest easing of COVID-19 restrictions raised fuel demand hopes and concerns that winter storms across the United States are affecting energy production

11 months ago
A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices.

11 months ago
Ukraine's President Volodymyr Zelenskiy on Friday called on Europeans to remain united against Russia's war and to severely limit the price for Russian oil.
11 months ago
U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday and trading volumes remained low.
