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OPEC+ Ministers Set to Stay the Course on Oil Production Amid China Covid Woes
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An OPEC+ panel will likely recommend keeping the group’s current oil-production policy unchanged Wednesday, delegates said, amid uncertainties about demand in China and the impact of sanctions on Russian crude supplies.
Maintaining the status quo will allow the Organization of the Petroleum Exporting Countries and a group of producers led by Russia—collectively known as OPEC+—to take more time to assess consumption data from China, the world’s biggest oil importer, and determine how a resurgence of Covid-19 cases there and European Union sanctions on Moscow have affected demand.
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