The OPEC alliance is meeting to review oil production levels for 2023, as the global market is roiled by uncertainty over Chinese demand and Russian supply.
While Saudi Arabia and its partners had considered considering further output cuts, the 23 nation group is now widely expected to keep supply levels unchanged as it gauges the impact of a 2 million barrel-a-day reduction announced at its last gathering in October.
The coalition has to deal with an especially volatile outlook as European Union sanctions are about to come into effect on crude exports from OPEC member Russia. At the same time, China is tentatively easing the Covid measures that have eroded consumption in the world's biggest oil importer.
A decision to hold the gathering online rather than at the Organization of Petroleum Exporting Countries Vienna headquarters as originally planned has reinforced expectations that the producers will maintain the status quo. Saudi Energy Minister Prince Abdulaziz bin Salman has a reputation for last minute surprises.
Iraqi oil minister Hayyan Abdul Ghani said in a statement that OPEC is intent on achieving price stability and balancing oil markets.
Abdul Ghani said after joining an OPEC ministerial meeting on administrative matters, the group s members are committed to current output targets that continue until the end of 2023.
Kuwait Says Oil Buyers Don't Want to Boost Imports Next Year Friday, 9: 00 pm Kuwait s state energy company said customers are reluctant to increase oil imports next year, signaling that consumption is being suppressed by global economic weakness.
Sheikh Nawaf Al--Sabah, chief executive of Kuwait Petroleum Corp., told Bloomberg TV late on Friday that they were really nervous about where demand is going over the next few months and the next year. We are talking to our customers. They say they need to have the same amount of oil, or they are asking for less than that next year. The OPEC member exports about 2 million barrels of crude a day of crude, most of it to Asian countries such as China, South Korea, Japan and India.
With the support of Michael Gunn, Guy Johnson, Khalid Al-Ansary, Alix Steel, Guy Johnson and Khalid Al-Ansary.