The federal government has announced its compliance with the quota allocated by the Organisation of Petroleum Exporting Countries (OPEC) for the months of January and February. However, it expressed readiness to increase output to bolster the nation’s prosperity.
In a meeting of senior OPEC+ ministers, oil output policy was kept unchanged, with a focus on urging member countries to enhance compliance with output cuts. This decision led to a surge in international crude prices, reaching their highest level in five months at nearly $90 a barrel.
The ministerial committee of OPEC and its allies, led by Russia and known as OPEC+, convened online to review the market situation and members’ adherence to output cuts. Oil prices have rallied this year due to factors such as tighter supply, attacks on Russian energy infrastructure, and conflicts in the Middle East.
Following the meeting, Brent crude traded near $90, marking its highest level since late October 2023. OPEC+ members, particularly Saudi Arabia and Russia, had previously agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to stabilize the market.
The 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday, 3rd April 2024, where discussions regarding market dynamics and output policies were conducted.
