The meeting comes as the price of oil has rallied in 2023 toward $90 a barrel on hopes Chinese demand will recover
An OPEC+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns.
The meeting comes as the price of oil has rallied in 2023 towards $90 a barrel on hopes Chinese demand will recover while the European Union and Group of Seven is set to broaden a price cap on Russian crude to refined products from Feb. 5. “We will certainly discuss China’s economy and inflation,” one of them said. “There are no expectations for this meeting. This will not be an OPEC+ meeting, but only a JMMC with no decisions or recommendations.”
“OPEC+ is by now somewhat comfortable that the difficult time of COVID’s impact is behind us and the geopolitical situation and China’s recovery are driving the volatility,” another of the OPEC+ sources said.
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