Reuters: OPEC+ will not take a decision on production at February meeting

OPEC+ sources said the alliance is likely to decide oil production levels for April and the following months in the coming weeks, adding that the Joint Ministerial Monitoring Committee meeting next Thursday will be held at a time when it will be too early to make decisions on production policy.

According to Reuters, 5 OPEC+ sources who requested that their names not be published said that the committee will likely not make any changes to the current policy during the meeting. One of the sources said that the meeting will mainly discuss the alliance’s production levels.

The source added, “The next meeting of the Joint Ministerial Monitoring Committee will not issue any recommendations.” He added that the decision on whether the coalition will extend part of the voluntary oil production cuts to April will likely be issued at the end of February, while another source said that the date for making the decision is not yet clear.

Oil prices received support from a further rise in demand sentiment this week and escalating geopolitical tensions due to Houthi attacks on cargo ships in the Red Sea. Brent crude was trading near $82 a barrel on Friday.

If the OPEC+ alliance cancels the cut, it will begin pumping 2.2 million barrels per day into the market from the beginning of April. But the previously agreed-upon reduction of 3.66 million barrels per day will remain in effect.