"OPEC Plus", which is made up of major oil-producing countries such as Saudi Arabia and Russia, will hold a meeting on the 4th to decide future crude oil production.
With oil prices on a declining trend due to concerns about a global economic slowdown, there is likely to be debate as to whether to expand the scale of production cuts or maintain the status quo.
Saudi Arabia-led OPEC = Organization of Petroleum Exporting Countries and OPEC Plus, which is made up of non-member oil-producing countries such as Russia, will hold an online meeting on the 4th to discuss crude oil production from this month onwards.
Crude oil prices are trending downward.
This is due to the rapid interest rate hikes in Europe and the United States, as well as the continued economic stagnation in China, where strict restrictions have been imposed under the zero-coronavirus policy.
At their last meeting in October, OPEC+ decided to cut oil production by 2 million barrels a day to support oil prices.
There is likely to be a debate at this meeting as to whether to further expand the scale of production cuts or maintain the status quo.
The EU = European Union will start embargoing Russian crude oil from the 5th day after the meeting, and the G7 = 7 major countries aim to set an upper limit on the trading price of Russian crude oil, but the details are It is not clear.
It is difficult for oil-producing countries to determine how much these measures will affect prices, and Reuters and other sources have reported that it is unlikely that production will change this time.