Five sources in OPEC + told Archyde.com before a meeting of the group that… OPEC+ It will likely stick to its current plan to increase oil production when it meets later in the day.
It is expected that OPEC + members will hold a full ministerial meeting at 11:30 GMT, in which it is expected to abide by the existing agreement to increase oil production in May by about 432,000 barrels per day.
The group has responded to repeated calls from the United States and the Energy Agency to pump more crude to calm prices that have risen to near all-time highs on fears of disruption to Russian supplies after Washington and the European Union imposed sanctions on Moscow after its invasion of Ukraine.
Saudi Arabia and the United Arab Emirates have so far rejected these calls, saying the group should not interfere in politics and focus on balancing the oil market and meeting the needs of consumers.
The administration of US President Joe Biden is considering withdrawing up to 180 million barrels of oil from the strategic oil reserves, and the International Energy Agency will meet on Friday to decide on a collective withdrawal of oil reserves.
Brent crude futures fell 4%, to $109 a barrel, in early trading on Thursday.
Dispensing Energy Agency data
On Wednesday, the OPEC + Joint Technical Committee decided to stop using the data of the International Energy Agency and replace it with reports from Wood Mackenzie and Rystad Energy, a source told Archyde.com.
The Energy Agency did not respond to a Archyde.com request for comment.
Some OPEC+ members criticized the agency’s data, saying it was incorrect at times, and noting that the agency was advising to avoid further investment in the hydrocarbon sector, as well as its failure to forecast demand growth.
“The Energy Agency is adjusting its technical analysis to be consistent with what it announces,” a source told Archyde.com.