OPEC+ unlikely to change output policy at April 3 meeting

By Alex Lawler, Ahmed Ghaddar and Maha El Dahan

LONDON (Reuters) – An OPEC+ ministerial panel is unlikely to recommend any changes to oil production policy at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices remain at their highest this year.

The Russia-led Organization of the Petroleum Exporting Countries and allies, known as OPEC+, held an online Joint Ministerial Monitoring Committee meeting (JMMC) on April 3 to review the market and the implementation of members’ production cuts. Will do, which they have already agreed to increase.

Oil has surged this year due to supply shortages and attacks on Russian energy infrastructure and the war in the Middle East. Brent crude reached $89 a barrel on Tuesday, down from $77 at the end of 2023.

Two sources, speaking on condition of anonymity because they were not authorized to speak publicly, said they expected a direct meeting, citing an earlier decision to extend output cuts. The meeting is scheduled for 1 pm Vienna time (1100 GMT).

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary production cuts by 2.2 million barrels per day (bpd) to support the market. Deductions are voluntary because they are not shared among all members of the group.

Russian Deputy Prime Minister Alexander Novak said on Friday that Russia has decided to focus on reducing oil production rather than exports in the second quarter in order to spread production cuts more evenly with other OPEC+ member countries.

When voluntary curbs expire at the end of June, total cuts by OPEC+ will drop to 3.66 million bpd, as agreed in earlier phases starting in 2022.

The JMMC brings together key OPEC+ countries including Saudi Arabia, Russia and the United Arab Emirates.

The panel usually meets every two months and…

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