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Opec+ unlikely to tweak oil policy in October meeting

Opec+ oil Reuters/Saudi Press Agency
Saudi energy minister Prince Abdulaziz bin Salman said reserves at Jafurah reached 229 trillion cubic feet of gas and 75 billion barrels of condensates

Opec+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four Opec+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.

Ministers from the Organization of the Petroleum Exporting Countries (Opec) and allies led by Russia, known as Opec+, meet on October 4. The panel, called the joint ministerial monitoring committee (JMMC), can call for a full Opec+ meeting if warranted.

Oil has jumped towards $100 a barrel for Brent crude , the highest since 2022, as tighter supply, due partly to Opec+ output cuts and rising demand, outweighs concern about stubborn inflation and weaker economic growth.

Four Opec+ sources who declined to be named said the committee would probably not make any changes to existing policy during Wednesday’s online meeting.

“Nothing has been discussed. It will probably be a normal meeting with emphasis on the Opec+ agreement,” one of the sources said.

Opec’s headquarters in Vienna, Austria and the Saudi energy ministry did not immediately respond to requests for comment on Friday.

In focus will be an expected update on plans by Saudi Arabia and Russia on their voluntary cuts. On September 5, they extended cuts amounting to 1.3 million barrels per day to the end of the year and said they would review the cut decisions monthly.

With oil rallying, some analysts have cited an increasing probability the Saudi voluntary cuts will be reduced. Others expect the curbs to be extended into 2024.

Saudi energy minister Prince Abdulaziz bin Salman, who chairs the JMMC, earlier this month said Opec+ cuts were needed to stabilise the market, and prices were not being targeted.

The Saudi and Russian cuts are on top of earlier curbs announced since late 2022. The next full Opec+ meeting is not until November.