Citing delegates from OPEC and its allies (OPEC+), the Wall Street Journal (WSJ) reported late Tuesday that the alliance is likely to decide to keep oil output levels flat at their meeting Sunday, December 4.

The OPEC+ remains worried about the fresh COVID-19 lockdown measures in China and Russian oil sanctions.

Additional takeaways

“OPEC+ is leaning toward approving the same production levels agreed to in October, when they greenlighted a 2 million barrels a day output cut.”

“Sunday’s meeting was planned to take place in person at OPEC’s headquarters in Vienna, but it will now be held remotely to avoid negative media scrutiny.”

Market reaction

At the time of writing, WTI is 0.24% higher on the day, trading at $78.76. Broad-based US Dollar weakness is providing some support to the USD-sensitive black gold.