OPEC+ ministers keep oil output policy steady, sources say

[BumRushDaShow]

Source: Reuters

April 3, 2024 8:00 AM EDT


LONDON/MOSCOW/DUBAI, April 3 (Reuters) - A meeting of the top ministers of OPEC+ has kept oil output policy unchanged, three OPEC+ sources said, as oil prices hit their highest in five months.

A ministerial committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, met to review the market and members' implementation of output cuts.

Oil has rallied this year, driven by tighter supply, attacks on Russian energy infrastructure and war in the Middle East. Brent crude traded above $89 a barrel on Wednesday, its highest since late October 2023. OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market.

Russian Deputy Prime Minister Alexander Novak said on Friday Russia has decided to focus on reducing oil output rather than exports in the second quarter to evenly share production cuts with other OPEC+ member countries. In statement following the conclusion of the meeting, OPEC+ said it welcomed the Russian announcement on its production.

Read more: https://www.reuters.com/business/energy/opec-ministers-keep-oil-output-policy-steady-sources-say-2024-04-03/

[wolfie001]

1. I would think these autocracies would love to see....

...the fat orange asshole back in the WH. The price of a gallon of gas has climbed steadily for 2 months now. Domestic producers are pulling for dump. You just know it.

[BumRushDaShow]

2. "Domestic producers are pulling for dump. You just know it."

Actually the U.S. producers are pumping out record-breaking amounts and have been doing so since last fall. They are the only reason why oil isn't up over $100/bbl.