The oil and energy ministers of OPEC+ coalition met today (Monday, September 5) for the 32nd time to decide on the policy of the coalition for the month of October.

Many analysts believe that contrary to the request of Prince Abdulaziz bin Salman, the Saudi Energy Minister, to reduce the oil output of the group due to the drop in oil prices and going below $100/b, OPEC+ oil production quotas for October will remain unchanged.

The OPEC and Non-OPEC Technical Committee (JTC) announced in its meeting last week that the market needs more crude oil.

Alexander Novak, the Deputy Prime Minister of Russia, has recently announced that Russian oil companies support the extension of the OPEC+ agreement.

Oil prices have been declining in the last three months due to concerns about rising interest rates, the coronavirus lockdowns in in China, slow economic growth and weakening demand growth for fuel. Meanwhile, the price of oil rose to the highest level in the last few years in March.

It seems that OPEC+ members will vote in today's meeting to maintain the current level of crude oil output or slightly increase oil production.