The OPEC+ alliance kept the oil production reduction strategy unchanged, and the decision was widely expected in the markets. This decision came during the 53rd meeting held by officials in the alliance, which consists of 22 countries. With the aim of reviewing the situation of crude oil markets in addition to supply policy.

Maintaining the strategy means that the coalition is still declining, reaching two million barrels per day after it extended oil supply cuts early last month until the end of June 2024 in an attempt to avoid a surplus in global markets and support prices.

The Kingdom of Saudi Arabia is assuming the leadership of the coalition with half the amount of the reduction pledged, and the committee stressed the need to continue closely evaluating market conditions, and the coalition countries aim to address market developments and take additional measures at any time.

It is expected that the coalition will maintain its strategy that aims to reduce production without change. Due to increasing indicators that this strategy has achieved the desired effect, and the efforts helped support the stability of markets and oil prices, in addition to increasing the prices of blended oil by about 1% to record $89.81, which is considered its highest level in 2024, and the prices of West Texas crude oil rose by approximately the same rate to record $85.99. per barrel.

The committee confirmed the decline in oil production data for the months of January and February 2024, and Iraq and Kazakhstan pledged to achieve full compliance in addition to compensating for surplus production. Russia announced that the voluntary adjustments during the second quarter will depend on production instead of exports.

And the countries that have additional production quantities during the first three months of the year, and the countries will submit their detailed compensation plans to the OPEC Secretariat by the end of May, and the meeting is expected to be at the beginning of June, and OPEC has pumped 26.86 million barrels of crude oil, but did not This changes significantly from February, and she noted that many countries are adhering to production cuts.