Petrobras to Maintain Price Policy, OPEC+ Meeting to Discuss Output Cuts, Russia Reduces Exports, IEA Forecasts Oil Surplus

Brazil’s state-controlled oil giant Petrobras will maintain its current price policy, adjusting only when technical guidelines warrant it, according to the CEO. The Organization of Petroleum Exporting Countries (OPEC) and its allies are set to review the global crude market and discuss priorities for the new year. Russia has reduced its seaborne crude exports to a three-month low ahead of the OPEC+ meeting, focusing on compliance with agreed output cuts. The International Energy Agency (IEA) anticipates an oil surplus in 2024 even if OPEC+ extends current cuts.