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OPEC+ to Keep Production Targets Unchanged

OIL

An OPEC+ committee has recommended the group keep production steady- a decision widely expected by the market.

  • They cited Russian sanctions and Chinese demand as the main uncertainties for changing production.
  • OPEC+ will look to maintain the 2mn bpd cut announced late last year.
  • Oil prices remain largely flat due to the expected announcement.
  • The current agreement will stay in place until the end of 2023 (as previously agreed by the group)
  • The next JMMC meeting is on 3 April.

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