The Organization of Petroleum Exporting Countries and Russiaknown as OPEC+kept oil production policy unchanged, three alliance sources said after a meeting of its top ministers, at a time when the Petroleum reaches its maximum values in five months.
The price of Petroleum has recovered this year, driven by tighter supply, attacks on Russian energy infrastructure and the war in Middle East. Brent crude oil was trading above $89 a barrel this Wednesday, its highest level since the end of October 2023, while those of West Texas Intermediate (WTI) in the United States for May they gained 11 cents, or 0.13%, to $85.26. Both advanced 1.7% in the previous session, to their highest level since October.
OPEC+ members, led by Saudi Arabia and Russia, agreed last month to extend voluntary production cuts of 2.2 million barrels per day (bpd) until the end of June to support the market.
Russian Deputy Prime Minister Alexander Novaksaid on Friday that Russia decided to focus on reducing oil production rather than exports in the second quarter to equitably share output cuts with other OPEC+ member countries.
In a statement after the conclusion of the meeting, OPEC+ said it welcomed the Russian announcement on its production, the Reuters agency reported. “Participating countries with outstanding overproduction volumes for the months of January, February and March 2024 will submit their detailed compensation plans to the OPEC Secretariat by April 30, 2024,” according to the statement.
Last month, Iraq pledged to cut exports to offset pumping above its OPEC target, a pledge that would reduce shipments by 130,000 bpd starting in February. The 50,000 bpd cut in March, according to the survey, leaves more to do in the coming months to fulfill the promise.
Source: Ambito
