The OPEC+ alliance yesterday announced that it was keeping the current oil production cut policy unchanged, in an attempt to maintain global stability in crude oil supplies and ramp up prices.
In a statement issued at the end of the 53rd Meeting of the Joint Ministerial Monitoring Committee, OPEC stated that it will maintain the current production cut policy, which has been ongoing since November 2022, while welcoming addition to voluntary cuts by some countries that started in July 2023.
The ministerial committee of OPEC+ stated in the announcement that it has reviewed crude oil production data for January and February 2024 and noted the “high” compliance of OPEC member countries and non-OPEC countries with production quantities.
