OPEC+ likely to maintain output in light of Kurdish oil dispute
Analysts say the OPEC+ alliance is unlikely to cut production and there could be be a oil glut in the second half of 2023.
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.
