OPEC+ Meets Next Week

OPEC+ is planning to hold its first face-to-face meeting since March 2020 next week.

The purpose of the meeting expected to be held by OPEC+ is stated as the alliance is considering to focus on cutting oil production to stop the recent decline in prices. The 23-nation alliance, led by Saudi Arabia and Russia, is scheduled to meet at its headquarters in Vienna on Wednesday, delegates said, although not all countries were able to send representatives due to short notice. The group, which meets monthly online, was not expected to hold a face-to-face meeting until at least the end of this year. Brent crude has soared to more than $125 a barrel since Russia's war on Ukraine in February. It has since fallen to $85 as central banks raised interest rates to fight inflation and economies from the United States to China slowed. Banks including JPMorgan Chase & Co. said OPEC+ may need to cut output by at least 500,000 barrels a day to stabilize prices. Helima Croft, chief commodity strategist at RBC Capital Markets LLC, noted that the group may opt for a cut twice as large. The news came a day after the US imposed sanctions on Russia's deputy prime minister and OPEC+ chief Alexander Novak following Moscow's annexation of four regions in Ukraine. The EU is expected to introduce new sanctions of its own, but it is unclear whether they will target Russian individuals. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!