OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts.
Some analysts, however, are not ruling out a surprise, and warn that with the current oversupply in the market, OPEC+ risks a collapse in the oil price if it doesn't curb its output targets further at the meeting.
Brent crude prices , which hit a 14-year high above $139 a barrel after Russia's invasion of Ukraine, were trading around $88 a barrel on Thursday, staging a modest recovery from near one-year lows close to $80 a barrel hit earlier in the week. Amrita Sen, co-founder of consultancy Energy Aspects, told bank Jefferies that she did not expect OPEC+ to change tack yet.
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