OPEC+ monitoring committee unlikely to recommend coalition policy changes on February 1: sources

LONDON, Jan 24 (Reuters) – The OPEC+ ministerial monitoring committee meeting on Feb. 1 is likely to endorse the group’s current oil production policy, five sources in the oil producers’ alliance said on Tuesday.

Oil prices rose to around $90 in 2023 on the eve of the introduction by Western countries of additional sanctions on oil products from the Russian Federation from February 5, along with expectations of a recovery in demand in China.

Sources said economic prospects and the scale of oil demand in China would be discussed in the meeting. At the same time, the sources do not believe that there will be a discussion about the change in the existing policy.

“We will definitely discuss the Chinese economy and inflation,” said one of the sources. – There is no hope from this meeting. This will not be an OPEC+ meeting, but a monitoring committee meeting without any decisions or recommendations.

United Arab Emirates Energy Minister Suhail Al-Mazrouei said on January 16 that he considers the current situation in the oil market to be balanced, echoing the words of his Russian counterpart Alexander Novak. Both heads of energy departments are members of the OPEC+ Joint Ministerial Monitoring Committee.

Another OPEC+ source said, “OPEC+ is now somewhat confident that the difficult period of the consequences of Covid is behind us, and that the geopolitical situation and China’s recovery are a catalyst for volatility.”

The original message in English is available on the code: (Alex Lawler, Ahmed Gadar, Vladimir Soldatkin and Olesya Astakhova)

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