Brent crude soared above US$125 ($179.34) a barrel following Russia’s invasion of Ukraine in February. It’s since dropped to US$85, tempering the spectacular windfall enjoyed by the Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition.
The 23-nation alliance is scheduled to meet on Wednesday at its headquarters in Vienna, OPEC’s secretariat said in a statement on Saturday. The group has been meeting on-line on a monthly basis and wasn’t expected to arrange an in-person gathering until at least the end of this year.
Banks including JPMorgan Chase & Co. said OPEC+ may need to lower output by least 500,000 barrels a day to stabilize prices. Helima Croft, chief commodities strategist at RBC Capital Markets LLC, has said the group may opt for a cut twice that large.
“I suspect that they might not want to go in person for a minor move,” Croft said.
