Report: OPEC+ panel unlikely to tweak policy as Saudi keeps oil cuts

MOSCOW, Oct 4 (PRIME) -- OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Wednesday as Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market, Reuters reported on Wednesday citing sources.

Ministers from OPEC and allies led by Russia, known as OPEC+, meet online at 11:00 GMT. The panel, named the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted.

Oil has jumped towards U.S. $100 a barrel for Brent crude, the highest since 2022, as tighter supply due partly to OPEC+ output cuts and rising demand outweigh concern about stubborn inflation and weaker economic growth.

Three OPEC+ sources who declined to be named said the committee would probably not make any changes to existing policy during the online meeting. Sources had made similar remarks on Friday.

Earlier on Wednesday, Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia said it will keep a 300,000 bpd voluntary export curb until the end of December, as previously announced.

Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilize the market, and prices were not being targeted.

The Saudi and Russian supply cuts are on top of earlier curbs announced since late 2022. The next full OPEC+ meeting is due in November.

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