On Thursday, a committee of the organization of Petroleum Exporting Countries (OPEC) ministers proposed no changes to the group’s oil output.
However, the Joint Ministerial Monitoring Committee (JMMC) can call for a full OPEC+ meeting or make recommendations on policy.
OPEC said in a statement issued after the meeting that “The JMMC reviewed the crude oil production data for the months of November and December 2023 and noted the high conformity for participating OPEC and non-OPEC countries,”
Leading Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies, led by Russia, known as OPEC+, met online to discuss market fundamentals.
OPEC+, however, will soon have to decide whether to extend 2.2 million barrels per day (bpd) of voluntary oil output cuts which expire at the end of March.
Two sources had previously said that discussions on extending or unwinding the voluntary cuts had yet to begin.
If these cuts are unwound, OPEC+ would begin to return 2.2 million bpd to the market from the beginning of April. This would leave in place 3.66 million bpd of output cuts agreed earlier.