OPEC+ has decided to keep its oil output policy unchanged, as confirmed by a committee meeting. The group will review the possibility of extending the 2.2 million barrels per day (bpd) voluntary cuts, which are set to expire at the end of the first quarter of 2024, in early March. This decision comes after oil prices have seen their first monthly gain since September. The Committee will continue to monitor the conformity of the production adjustments decided upon at the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 4 June 2023, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries in April. Algeria has expressed its readiness to continue the OPEC+ oil production cuts post-March. Saudi Arabia, along with seven other members, agreed to curbs in November, which are crucial for implementing second-quarter cargoes. Kuwait's Oil Minister has also reaffirmed the country's commitment to the OPEC+ voluntary cuts.
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
Oil Prices Gain on Report OPEC to Maintain Voluntary Output Cuts https://t.co/MEvNcTt2Nc
⚠️ OIL PRICES GAIN AFTER OPEC+ MAINTAINS OUTPUT CUTS Full Story → https://t.co/hFkV1L7cBt https://t.co/qTSbLo6l1E
OPEC slashed oil production last month as the group kicks off plan to boost sagging prices https://t.co/ikjekOQHdp
#Kuwait is committed to the #OPEC+ voluntary production cuts - oil minister #oott
🔴 KUWAIT IS COMMITTED TO THE OPEC+ VOLUNTARY CUTS - 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+: The Committee will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on 4 June 2023, and the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April… https://t.co/iqaHv7f35H
Oil edges higher as market digests OPEC, Fed decisions https://t.co/uV7NX6v6Yg
Oil prices nudge higher after first monthly gain since September https://t.co/ECD73Leh9p
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.