Dubai: OPEC+ plans to hold its first in-person meeting next week since March 2020, according to delegates, as the cartel weighs cutting oil production to stem a recent slump in prices.
The 23-nation alliance, led by Saudi Arabia and Russia, is scheduled to meet on Wednesday at its headquarters in Vienna, the delegates said. Not all countries may be able to send representatives because of the short notice, they said.
The group has been meeting online on a monthly basis and wasn’t expected to arrange an in-person gathering until at least the end of this year.
Brent crude soared above $125 a barrel following Russia’s attack on Ukraine in February. It’s since dropped to $85 as central banks raise interest rates to fight inflation and economies from the US to China slow.
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, has said the group may opt for a cut twice that large.
OPEC+ advertised its readiness to steady the market with a symbolic reduction at a previous meeting on Sept 5. Saudi Energy Minister Prince Abdulaziz bin Salman promised the same day to remain "preemptive and pro-active" in addressing extreme price volatility.
