AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

LONDON: An OPEC+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes of higher Chinese demand driving an oil price rally are balanced by worries over inflation and a global economic slowdown.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, meet virtually on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted.

The meeting comes as the price of oil has rallied in 2023 towards $90 a barrel on hopes Chinese demand will recover while the European Union and Group of Seven (G7) is set to broaden a price cap on Russian crude to refined products from Feb. 5. Five OPEC+ sources told Reuters the JMMC would discuss the economic outlook and the scale of Chinese demand, and was unlikely to suggest tweaks to current policy.

One said oil’s rebound in 2023 made any changes unlikely. “We will certainly discuss China’s economy and inflation,” one of them said. “There are no expectations for this meeting. This will not be an OPEC+ meeting, but only a JMMC with no decisions or recommendations.” The United Arab Emirates’ energy minister Suhail al-Mazrouei said on Jan. 16 the market was balanced, echoing earlier remarks from Russian counterpart Alexander Novak. Both ministers sit on the JMMC, which is co-chaired by Novak and Saudi Energy Minister Prince Abdulaziz bin Salman.

Comments

1000 characters

OPEC+ panel unlikely to tweak oil policy

SBP denies USD rate capping caused loss

Import of used tractors: ECC asks MoC, SBP to rethink

IMF conditionalities: Govt raises fuel prices in a gesture of compliance

Imran Khan censures govt for ‘massive’ fuel hike

Dar says fiscal discipline has to be imposed

Hike to fuel inflation: Tarin

Decline in cess collection lands body in trouble: Food ministry seeks Rs666.64m grant for cotton committee

PKR slide likely to fuel inflation in a big way

Israel appears to have been behind drone strike on Iran: US official

Termination of SEL’s LoS: PPIB seeks comments from CPPA-G, NTDC