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Alt 03 Ağustos 2022, 13:02
Oil flat to weaker ahead of OPEC+ meeting




Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilising after a drop of 1 per cent in early trade amid fears that a slowdown in global growth would hit fuel demand.

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Brent crude futures were last down 3 cents, or 0.03 per cent, at $100.51 a barrel at 0603 GMT. West Texas Intermediate (WTI) crude futures were flat at $94.42 a barrel.

The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.

Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict.

"This week's main event for oil remains today's OPEC+ decision and that should keep prices somewhat rangebound until OPEC and its partners decide what to do with September's output," Edward Moya, senior market analyst at OANDA, told Reuters.

"OPEC+ is not even coming close to hitting their production targets, so oil prices will likely remain supported even if they announce a small output increase for September," he said.

Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd), to 800,000 bpd, three delegates told Reuters.
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