The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, has switched its planned in-person meeting in Vienna on December 4 to a virtual one, which sources in the group say signals the likelihood of it leaving policy unchanged.
Talks begin on Saturday when OPEC ministers hold a virtual meeting. OPEC+ begins talks at the same time on Sunday with a meeting of the advisory Joint Ministerial Monitoring Committee panel, followed by the full ministerial conference. OPEC+, sources told Reuters, now wants to assess the impact of the looming Russian oil price cap on the market and get a clearer picture of demand in China, the world's top crude importer, where an easing of stringent Covid-19 restrictions is expected after unprecedented demonstrations.
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