At the meeting, OPEC+ reviewed crude oil production data for January and February 2024, market conditions, and the implementation of production cuts by its members.

According to a correspondent based in the Middle East, during the 53rd meeting held online on April 3, the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, decided to keep its production policy unchanged while crude oil prices reached their highest level in five months.

During the meeting, OPEC+ assessed crude oil production data for January and February 2024, market conditions, and the implementation of production cuts by its members.

A series of factors, including tighter supply, attacks on Russian energy infrastructure, and geopolitical developments in the Middle East, have driven up crude oil prices recently.

On April 3, Brent crude oil prices surged above $89 per barrel, the highest level since late October 2023.

Last month, OPEC+ members, led by Saudi Arabia and Russia, agreed to extend voluntary production cuts of 2.2 million barrels per day until the end of June this year to support the market.

Russian Deputy Prime Minister Alexander Novak announced on March 29 that Russia had decided to focus on reducing oil production rather than exports in Q2 2024 to fairly share the production cuts with other OPEC+ members.

In a statement following the April 3 meeting, OPEC+ praised Russia's decision on its production policy. The statement also noted: "Countries participating in voluntary cuts with surplus production in Q1 2024 will submit their detailed compensation plans to the OPEC Secretariat by April 30."

Last month, Iraq pledged to cut exports to compensate for exceeding OPEC's production target. Accordingly, the country committed to reducing exports by 130,000 barrels per day starting February 2024.

The statement mentioned that the JMMC would continue to monitor compliance with production adjustments decided in the June 4, 2023, meeting and additional voluntary production adjustments announced by some OPEC and non-OPEC countries in April 2023, as well as further adjustments made in November 2023 and February 2024.

Earlier, at the February 1 meeting, OPEC+ agreed to maintain its crude oil production policy. The next JMMC meeting is scheduled for June 1.

Source: Vietstock