OPEC+ might not change its production policy before June

It is unlikely that OPEC+ will introduce changes to its oil production policy until a ministerial meeting in June, three sources within the organization told Reuters ahead of a ministerial meeting next week, where no policy recommendations are expected to be made.

The Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, will hold an online meeting of the Joint Ministerial Monitoring Committee (JMMC) on April 3 to review the market and the implementation of production cuts by members.

The sources, who requested anonymity as they were not authorized to speak publicly, said they did not expect any action until June and that the April meeting could be quick and straightforward.

OPEC and the Saudi Energy Ministry did not immediately respond to emailed requests for comments.

Earlier this month, OPEC+ members, led by Saudi Arabia and Russia, agreed to extend voluntary production cuts of 2.2 million barrels per day (bpd) until the end of the second quarter to support the market.

International oil prices have remained strong this year, with Brent above $86 per barrel on Tuesday, up from lows just above $70 reached late last year.

This year's strength is attributed to market concerns about supply disruption due to the war in the Middle East and attacks on Russian energy infrastructure, although economic uncertainty and increased supply outside of OPEC+ have limited further gains.

When the voluntary cuts expire at the end of June, total OPEC+ cuts will be reduced to 3.66 million bpd from 2022 onwards, as agreed in previous stages.

The JMMC brings together key OPEC+ countries, including Saudi Arabia, Russia, and the United Arab Emirates.

The panel usually meets every two months and can make recommendations to change policy that can then be discussed and ratified at a full ministerial meeting involving all members.