OPEC+ is preparing a review of quotas amid the recovery of the oil market

On Wednesday, OPEC+ will hold an online meeting to discuss oil production quotas for both the current and next year. A key decision on a possible increase in production from July will be made over the weekend at a separate videoconference, which will be attended by eight leading countries of the alliance, including Russia and Saudi Arabia. 

According to the delegates, the long-term goals set for 2025-2026, which are the basis of the current restrictions, are likely to remain unchanged. However, a more pressing issue for the market will be the discussion of the continuation of the monthly increase in production by 411 thousand barrels per day, which is scheduled for Saturday.

Over the past two years, the decision-making center in OPEC+ has shifted towards a subgroup of eight key countries, whereas previously all changes were approved collectively by 22 member countries of the alliance. So, in April, the leaders of this group unexpectedly tripled the increase in quotas, which caused a sharp collapse in oil prices below $ 60 per barrel. However, the situation later stabilized and prices recovered to around $65.