LONDON/DUBAI: An OPEC+ panel endorsed the oil producer group’s current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply.
Ministers from OPEC+ countries — members of the Organization of the Petroleum Exporting Countries and others including Russia — met in a virtual gathering that OPEC+ sources said lasted less than 30 minutes.
The ministers on the panel, called the Joint Ministerial Monitoring Committee, reviewed production figures and “reaffirmed their commitment” to the OPEC+ accord that runs to the end of 2023, OPEC said in a statement after the meeting.
The message was OPEC+ is staying the course until the end of the agreement and the group was on “mute mode,” a source said.
The ministers did not discuss the prospects for Chinese demand and supply from Russia, other OPEC+ sources said. Oil product exports from Russia will as of Feb. 5 be subject to a EU ban and G7 price cap.
OPEC+ agreed to cut its production target by 2 million barrels per day, about 2 percent of world demand, from November last year until the end of 2023 to support the market.
Oil fell at the start of the year but has rallied, supported by hopes that Chinese demand will rebound, although fears of global recession remain a drag on prices.
Brent crude was little changed around $85 a barrel after the JMMC meeting.
