Oil falls in anticipation of outcome of upcoming OPEC+ meeting

The market is rattled because the outcome of OPEC’s final scheduled meeting of the year is unknown. During its October meeting, the OPEC+ group decided to reduce its daily oil production by 2 million barrels beginning in November.

Experts are unsure what the group will decide on Sunday, but oil producers are expected to act while considering the possible ramifications of the Russian oil price cap, which will take effect on Dec. 5.

Meanwhile, news that China, the world’s largest crude oil importer, will relax its “zero COVID” policy is limiting the decline in oil prices.

The potential relaxation of COVID restrictions raises hopes for a recovery in oil demand. Following protests in Guangzhou and Chongqing in the country’s south, it was announced on Wednesday that COVID-19 measures would be eased.

Source: Anadolu Agency