OPEC Notes High Conformity With DoC, Keeps Policy Unchanged

OPEC+ has not made any recommendations to change the group’s output policy in the today’s JMMC meeting but noted high conformity with production quotas, the group said in a release.

• The OPEC+ JMMC reviewed the crude oil production data for November-December 2023 and noted high conformity for participating OPEC and non-OPEC countries of pledged production quotas.
• “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 take additional measures at any time”, it said.
• The next OPEC+ JMMC meeting is scheduled for 3 April.
• Crude prices are making a recovery on Thursday supported by US Fed rate cut signals and more stimulus measures for the Chinese property sector. Prices showed no reaction to the OPEC+ JMMC meeting, as markets anticipated no changes to current policies.
  • Brent APR 24 up 1% at 81.34$/bbl
  • WTI MAR 24 up 1% at 76.63$/bbl