OPEC+, the group of oil-producing nations, has decided to maintain its current oil output policy. The Joint Ministerial Monitoring Committee emphasized the strong cohesion between OPEC and non-OPEC countries, known as DoC countries, and expressed their willingness to respond to market developments. Algeria has indicated its willingness to continue with the production cuts beyond March. In a meeting scheduled for early March, OPEC+ will review the possibility of extending the voluntary cuts of 2.2 million barrels per day (BPD) that are set to expire at the end of the first quarter of 2024. Saudi Arabia and seven other members, who agreed to curbs in November, will be part of the decision-making process. The decision in March is crucial for the implementation of oil cargoes for the second quarter, as stated by delegates. Kuwait's Oil Minister praised the collective cooperation within OPEC+ and reaffirmed the country's commitment to the voluntary production cuts. Despite the decision to keep output steady, oil prices are set for a weekly loss.
OPEC+ Members Will Review Extending Production Cuts In Early March https://t.co/hSfz1ted0w
Oil set for weekly loss despite gain on OPEC+ output decision https://t.co/JSH6eUAZs6 https://t.co/r34fJ85Fau
#Kuwait is committed to the #OPEC+ voluntary production cuts - oil minister #oott
🔴 KUWAIT PRAISES THE COLLECTIVE COOPERATION AND HARMONY IN OPEC+ - OIL MINISTER.
#OPEC+ to review oil cut extension in March, ministers leave policy unchanged #oott https://t.co/aZom3RXF6u
#OPEC+ Nations Set to Decide on Extending Cuts in Early March Saudi Arabia and seven other members agreed curbs in November March decision needed for implementing second-quarter cargoes #oott https://t.co/fQiVTMl03B
OPEC+ nations set to decide in early March whether to extend oil output cuts into the second quarter, delegates say https://t.co/6Lrs0KMX3l
#Algeria says it is ready to continue #Opec+ oil production cuts post March #oott
OPEC+ committee meeting keeps oil output policy unchanged https://t.co/rvxus6SG0F https://t.co/m4AU5UaZzE
🔴 OPEC+ TO REVIEW EXTENDING 2.2 MLN BPD VOLUNTARY CUTS DUE TO EXPIRE END OF Q1 2024 IN EARLY MARCH - TWO OPEC+ SOURCES.
#Opec+: The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries, the Committee noted the willingness of the DoC countries to address market developments and their readiness to… https://t.co/iqaHv7f35H