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Click here to see other videos from our team. Try refreshing your browser, or While Saudi Arabia and its partners considered discussing additional output cuts, the 23 nation group is now widely expected to keep supply levels unchanged as it gauges the impact of a hefty 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. The decision to hold the gathering online rather than at the Organization of Petroleum Exporting Countries Vienna headquarters as originally planned reinforced expectations that the producers will maintain the status quo. Prince Abdulaziz bin Salman, Saudi energy minister, has a reputation for last minute surprises.
Here is a look at OPEC output last month.
Abdul Ghani said after joining the OPEC ministerial meeting on administrative matters, the group has 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 nervous about where demand is going over the next few months and the next year. We are talking to our customers. They say that they either need 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, most of it to Asian countries such as China, South Korea, Japan and India.