The possibility of a reduction in oil production by OPEC+ in the upcoming meeting

According to the correspondent of Fars News Agency, citing Reuters, two well-informed sources announced that the OPEC+ group will probably reduce oil production even more in its upcoming meeting, which will be held in 4 days. Of course, 5 other knowledgeable sources also believe that OPEC+ will not change its oil production policy and will keep the level of oil production at the same level as it is now.

The OPEC+ group consists of members of the Organization of Petroleum Exporting Countries, OPEC, and some other major oil producers in the world market, such as Russia. The current meeting is being held in the shadow of challenges such as the reduction of economic growth in many countries of the world and the implementation of corona virus quarantines in China. On the other hand, with the approaching time of the Russian oil embargo by the European Union on December 5, on the one hand, and the Group of 7 plan to limit the price of Russian oil, on the other hand, it has created challenges in the OPEC+ decision.

Of course, this meeting was supposed to be held in person, but knowledgeable sources say: the decision has been changed and the meeting on December 4 will be held online. The drop in oil prices in the world market has led some experts, such as Eurasia Institute analysts, to suggest that the OPEC+ group will probably reduce its production.

In March, due to the consequences of Russia’s military conflict with Ukraine, the price of oil reached its highest rate of $147 per barrel, but in the past few days, it has been bought and sold at $85.

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