OPEC+ Meets Virtually Ahead of Russian Oil Price Cap

Dec. 2, 2022

OPEC+ has announced it will switch an upcoming meeting to a virtual one.

Dec. 2, 2022—OPEC+ will hold an upcoming meeting virtually, according to Reuters. 

The meeting will be held on Dec. 4. OPEC+ was expected to meet in Vienna, gathering for the second time since the pandemic. But the meeting is now virtual. OPEC+ recently cancelled a Joint Technical Committee meeting of "oil market experts" that was supposed to be held on Friday, according to Reuters.

The meeting on Sunday will focus on a pending European Union deal regarding a price cap on Russian oil and a "Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude," according to Reuters. 

OPEC+ will consider the impact to be made on the market by a potential Russian oil-price cap. The group meets as COVID-19 lockdowns in China impact demand and prices.  

Back in October 2022, OPEC+ cut output by 2 million bpd, which is about 2% of global supply. This is in effect until December 2023. According to Reuters, analysts and OPEC+ delegates have said that another cut on Sunday isn't out of the question, but two delegates said there is a low chance that will happen.