OPEC+ likely to stick to output policy at meeting, sources say
Updates meeting time to 1100 GMT in paragraph 2, adds more sources in paragraph 3
By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler
MOSCOW/LONDON, Aug 1 (Reuters) -OPEC+ key ministers meet on Thursday to decide output policy with sources believing they are unlikely to make any changes to their current production cutsand willstart unwinding some of themfrom October, despite recent sharp declines in oil prices.
Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday at 1100GMT.
Four OPEC+ sources told Reuters on Thursday no changes to the current plan were likely, echoingcommentsfrom earlier in the week.
Oil LCOc1 has fallen from a 2024 high above $92 a barrel in April to trade below $82, pressured by concern about the strength of demand but finding support this week from increasing tensions in the Middle East. O/R
OPEC+ is currently cutting output by 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022.
At its last meeting in June, the group agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and to prolong the most recent layer of cuts - a 2.2 million bpd cut by eight members - by three months until the end of September 2024.
The current plan also calls for OPEC+ to gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.
The JMMC, which groups the oil ministers of Saudi Arabia, Russia and other leading producers, usually meets every two months and can make recommendations to the wider OPEC+ group.
Reporting by Alex Lawler, Olesya Astakhova, Ahmad Ghaddar and Maha El Dahan, editing by David Evans and Jason Neely
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