OPEC+ expected to maintain oil production policy unchanged ‎

Four delegates in OPEC + said that the group’s joint ministerial monitoring committee is likely to recommend maintaining the current oil production policy when it meets on Wednesday, as it tries to balance demand expectations from China with fears of an economic slowdown.

According to Reuters, the ministers of the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will meet at 1300 GMT via the Internet. It is possible for the committee to call for a full meeting of OPEC +, if necessary

“It seems that we will not see a new decision,” a delegate from OPEC + said, referring to the committee meeting. Three other delegates made similar comments

OPEC + agreed to reduce its production target by two million barrels per day, or about two percent of global demand, starting from last November until the end of 2023 to support the market.

The oil market is also focused on an interest rate decision by the Federal Reserve (the US central bank) later on Wednesday. Investors are hoping that the US central bank will signal an end to monetary tightening.

The Fed is expected to issue its decision at 1900 GMT.