OPEC+ is not expected to make major changes on oil production at the upcoming meeting

OPEC+ is going to discuss further oil production policy this weekend. Analysts at RBC Capital Markets predict that the meeting will result in a unanimous decision to maintain current conditions, Investing.com reported.

The alliance, which includes Russia, plans to hold an online meeting on Sunday instead of the previously scheduled face-to-face talks. According to RBC Capital Markets, this move to a virtual format may indicate that a decision on further production levels before the end of the year is unlikely.

The group is currently capping oil production at 5.86 million bpd, roughly 5.7% of global demand, to stabilize the market after the fall and maintain price levels. This amount includes 3.66 million bpd through the end of this year, as well as additional voluntary cuts of 2.2 million bpd through the end of July initiated by some cartel members.

Brent and WTI crude oil prices showed a correction within 1% on Wednesday after three days of gains. Both benchmarks lost between 2 and 3% in May.