OPEC+ Likely to Maintain Output Policy Amid Oil Price Surge

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An OPEC+ ministerial panel meeting scheduled for Wednesday is anticipated to maintain the current oil output policy, according to five OPEC+ sources. The meeting comes as oil prices soar to their highest level this year, reaching $89 a barrel for Brent crude.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will convene online for the Joint Ministerial Monitoring Committee (JMMC) on April 3 to assess market conditions and members’ compliance with existing output cuts.

With oil rallying this year due to tighter supply conditions and geopolitical tensions such as attacks on Russian energy infrastructure and conflicts in the Middle East, the sources expect a straightforward meeting. OPEC+ members had previously agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to stabilize the market.

Russian Deputy Prime Minister Alexander Novak announced Russia’s commitment to reducing oil output in the second quarter, aligning with OPEC+ efforts to balance production levels among member countries.

The JMMC, comprising key OPEC+ nations like Saudi Arabia, Russia, and the United Arab Emirates, typically convenes every two months to discuss policy adjustments. While no changes are expected at this meeting, any recommendations made will be deliberated further in subsequent ministerial meetings involving all members.

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