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Next week: Will OPEC+ avoid a kneejerk reaction?

News. The next ministerial meeting of OPEC member countries is scheduled to be held next week on Wednesday, March 2.

Comment. The ministers of the member countries of the oil alliance will most likely decide, predictably, to maintain the current quota system for increasing oil production by 400,000 bpd in April as well. Earlier, the Energy Ministry of Saudi Arabia, one of the world’s largest oil exporters, stated that there is no desire among OPEC+ members to radically revise the current quotas. Moreover, the geopolitical situation could change at any moment. Western sanctions against Russia due to its military operation in Donbass do not target the supply of energy resources from Russia. This means that OPEC+ will not have significant reasons to bring down oil prices at any cost. Moreover, the demand for energy resources continues to grow, and oil prices, after reports of Russia's military operation, did not manage to gain a foothold above $100/bbl, and fell back to $94-96/bbl. 

Forecast. Next week, the Brent price could climb to $98/bbl for a short time, although if it fails to hold above this level, it could drop again to $94-96/bbl.

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