OPEC+ likely to maintain oil output at meeting, in gesture to US
While the OPEC+ group is expected to maintain oil production at its virtual meeting set for Feb. 1, global demand for oil is estimated to reach a record high in 2023.
Oil output is expected to stay the same after Wednesday’s planned meeting of OPEC+ leaders, according to industry experts who say it is partially to appease the United States.
A host of factors are contributing to this prediction ahead of the decision-making at tomorrow's meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) plus its allies, whose market influence is strong with exports accounting for about 60% of the global petroleum trade, according to the World Bank.
On Monday, the group’s de-facto leader, Saudi Arabia’s Crown Prince Mohammed bin Salman, held a phone call with Russian leader Vladimir Putin to maintain price market stability, said the Kremlin in a statement.
OIL MARKET: Russian President Vladimir Putin phoned Saudi Arabia Crown Prince Mohammed bin Salman, per Kremlin read-out.
Putin and Prince Mohammed discussed "cooperation within OPEC+ to provide the stability of global oil market" | #OOTT 🇷🇺⛽️🇸🇦 https://t.co/h910RPUl9L
