The Organization of the Petroleum Exporting Countries (OPEC) and its partners are scheduled to meet to discuss production capacity, according to a report.
- The meeting will be convened via videoconference 1:00 p.m. London time. A press conference is scheduled immediately after.
- Among the expected topics is allowing as much as 1.3 million barrels daily into the market in April and succeeding months.
- OPEC+ initially agreed to cut oil production by a record of 9.7 million barrels daily. It then eased cuts to 7.7 million and eventually 7.2 million from January.
- Analysts expect the group to reverse cuts made in 2020, but speculations remain that it may decide not to increase supply.
- Prior to the meeting, OPEC de facto leader Saudi Arabia pushed allies to remain “extremely cautious” on production policy. OPEC Secretary General Mohammed Barkindo shared the same sentiment as several ministers pushed for loosening quotas.