Reuters: The OPEC+ committee will not likely change oil policy at Friday’s meeting

Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, the group known as OPEC+, meet on Aug. 4. The committee, called the Joint Ministerial Monitoring Committee, could call a full meeting of OPEC+ if necessary.

Oil rose to a three-month high this week, with Brent crude exceeding $85 a barrel, as lower supplies and increased demand outweighed fears that higher interest rates and persistent high inflation would undermine economic growth.

The six sources said the committee would likely not make any changes to the current policy during Friday’s online meeting, and one of them cited high oil prices as the reason for not taking a new step.

Analysts told Reuters last week that they expected Saudi Arabia to extend the voluntary production cut for another month, to include September.

The National Australia Bank stated in a report yesterday, Tuesday, that Saudi Arabia is expected to announce the extension of the voluntary production cut during the committee meeting on Friday.