Given that last Sunday (29), OPEC and its allies failed to reach a consensus on production cuts, countries will now start a new two-day meeting to discuss, once again, the case. The group will assess whether production cuts will remain at current levels, which would decontinue the increase scheduled for January.
While some members fear that global markets will remain too fragile to absorb extra barrels, others are eager to sell more oil. According to delegates who did not want to be identified, at the last meeting, the majority supported the maintenance of the existing cuts in the first quarter.
As early as last week, most market watchers anticipated a three-month extension. But the plan did not get support from two of the coalition's main players: the United Arab Emirates and Kazakhstan.
If OPEC+ does not revise the current agreement, the group is expected to add 1.9 million barrels per day to world markets and potentially undermine the recent recovery in oil prices.