No change expected from OPEC+

The oil and energy ministers of OPEC+ countries are expected to stick to the production policy at their meeting tomorrow. According to OPEC+ delegates who provided information about the meeting to be held virtually on February 1 at 14:00 Turkish time, the Joint Ministerial Monitoring Committee to be held today will make a recommendation that the current production policy should not be changed. However, the Committee may call for a full meeting of OPEC+ members if it deems necessary. OPEC+ had decided to cut production by 2 million barrels/day by the end of 2023 at its meeting in October. There will be no OPEC+ Joint Technical Committee meeting today ahead of the OPEC+ Joint Ministerial Monitoring Committee Meeting to be held tomorrow. It was decided not to hold the meeting as there was no new situation to discuss.