Ministers representing the OPEC+ alliance will convene Monday to determine whether the group of 23 oil-exporting states should adjust output, against the backdrop of global economic uncertainty driven by soaring inflation and a potential banking crisis.

In October, OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, agreed to a cut of 2 million barrels per day (bpd) to a total of 31.22m bpd, despite US pressure to keep outputs higher to reduce oil prices. The decision, which helped push Brent close to $100 a barrel, was OPEC+’s largest supply cut since 2020. 

In mid-March a huge sell-off saw Brent crude drop to $77.06 per barrel, sparked by fears of higher inflation as well as the shutdown of Silicon Valley Bank and the near collapse of Credit Suisse. On March 21, Brent slumped to $70 amid the global economic uncertainty, its lowest level this year. 

The Joint Ministerial Monitoring Committee, which will meet virtually on Monday, has the power to call an emergency OPEC+ meeting if it thinks a change in production is necessary. But analysts have told Al-Monitor that they do not expect the panel to suggest an output adjustment.