The Organization of the Petroleum Exporting Countries (OPEC) monthly report is scheduled to be released later on Tuesday.
The market will be looking for further downward revisions in demand from the group’s forecasts through 2025, which will add to downward pressure on prices.
Analysts said: “We believe that OPEC+ will have to continue to delay the decision to reverse its voluntary cuts. This decision will still lead to the accumulation of surplus pressures.”
“The main risk to our outlook is that OPEC+ looks to reverse voluntary supply cuts from January, thereby exacerbating oversupply pressures,” they added.
They continued: “Any suggestion that OPEC+ is choosing to defend market share rather than target higher oil prices would likely lead to lower oil prices.”
