The always unpredictable OPEC did one of the more 'OPEC-y' things ever and pivoted on short notice to an in-person meeting. The original gathering was designed to be a continuation of what's essentially become the ritual since OPEC's massive Covid related output cut: a virtual meeting to rubber-stamp agreed upon production increases after the Covid-related cuts. It's been the formula for every meeting, with an occasional virtual press conference thrown in.
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries in Algiers, Algeria.The always unpredictable OPEC did one of the more 'OPEC-y' things ever and pivoted on short notice to an in-person meeting.
This week's meeting was scheduled to be the same, with no word of any press conference. That all changed Saturday morning, when OPEC suddenly changed the plan and announced the meeting would be in-person at their Vienna, Austria headquarters. This big shift is creating big expectations around what may happen, with talk of the biggest output cut since Covid hit. By 'asking' the world's energy journalists to hop on a plane at short notice, it seems clear something is afoot.
It's not all about oil production levels. There is also the inescapable issue of Russia. As of this writing, the Russian delegationexpected to attend the meeting. The former energy minister, Alexander Novak, is now also Deputy Prime Minster, so this would possibly be the highest ranking Russian government official to visit Europe since Putin began his war.
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