OPEC+ Policy Change Unlikely

The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter said on Wednesday.
A virtual meeting also puts the focus on the pending European Union deal on a price cap on Russian oil ahead of a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude, CNBC reported.
"OPEC+ would rather sit on the bench at this time and assess the outcome of what happens on Monday," the source added.
The meeting between OPEC and non-OPEC producers comes amid recession fears.
Jeff Currie, global head of commodities at Goldman Sachs, said on Tuesday that a combination of factors had led the bank to downgrade its oil price forecasts in recent months.
“First and foremost, it was the dollar. What is the definition of inflation? Too much money chasing … too few goods,” Currie told CNBC’s Steve Sedgwick at Goldman Sachs’ Carbonomics conference in London.
OPEC and allies, including Russia, known as OPEC+, meet as the looming European Union ban on Russian crude imports and the G7 price cap on Russian oil place a question mark over supply.