Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a Russian oil price cap and an embargo on Russian crude shipments.
At their last ministerial session in October the 13-nation Organization of the Petroleum Exporting Countries headed by Riyadh and its 10 allies led by Moscow, collectively known as OPEC+, agreed to reduce output by two million barrels per day (bpd) from November.
The OPEC+ reduction amounted to the biggest cut since the height of the Covid pandemic in 2020.
Amid fears of economic slowdown, Sunday's cartel meeting via videoconference convenes ahead of the EU enforcing an embargo on Russian crude shipments from Monday.
