OPEC+ key ministers meet on Thursday to decide output policy with sources believing they are unlikely to make any changes to their current production cuts and will start unwinding some of them from October, despite recent sharp declines in oil prices.
Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday at 1100 GMT.
Four OPEC+ sources told Reuters on Thursday no changes to the current plan were likely, echoing comments from earlier in the week.
Oil has fallen from a 2024 high above $92 a barrel in April to trade below $82, pressured by concern about the strength of demand but finding support this week from increasing tensions in the Middle East.
OPEC+ is currently cutting output by 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022.
The current plan also calls for OPEC+ to gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.
The JMMC, which groups the oil ministers of Saudi Arabia, Russia and other leading producers, usually meets every two months and can make recommendations to the wider OPEC+ group.
