OPEC+ seen maintaining flat production on December 4 – WSJ

Citing delegates from the OPEC and its allies (OPEC+), the Wall Street Journal (WSJ) reported late Tuesday that the alliance is likely to decide to keep oil output levels flat at their meeting Sunday, December 4.

The OPEC+ remains worried about the fresh COVID-19 lockdown measures in China and Russian oil sanctions.

Additional takeaways

“OPEC+ is leaning toward approving the same production levels agreed to in October, when they greenlighted a 2 million barrels a day output cut.”

“Sunday’s meeting was planned to take place in person at OPEC’s headquarters in Vienna, but it will now be held remotely to avoid negative media scrutiny.”