OPEC+ Set to Extend Production Cuts for At Least 3 More Months in Tomorrow's Meeting

Forex - OPEC+ is set to convene online tomorrow at 1400 Turkey time to extend the recent oil production cuts for at least three months starting from January. According to sources close to the matter, the meeting will also consider the option to extend the production cuts into the first half of next year, although a deeper cut is not seen as a likely option. OPEC+, which brings together the Organization of the Petroleum Exporting Countries and allies like Russia, will meet on Thursday at 1430 Turkey time. Prior to that, at 1400, a smaller group of high-ranking ministers known as the Joint Ministerial Monitoring Committee will gather to review the market. Kirill Dmitriev, head of Russia's sovereign wealth fund, stated to Reuters, "Everyone understands that the OPEC+ agreement is working; we will continue to cooperate." OPEC+ members have implemented a series of measures since September, cutting production by 5.86 million barrels per day, or approximately 5.7% of global demand.