Oil producers are unlikely to alter their output strategy as crude prices climbs

Brent crude increased to $89 per barrel on Tuesday from $77 at the end of 2023.

By Sneha Sengupta On Apr 2, 2024

The primary oil-producing nations of Saudi Arabia and Russia will chair the joint ministerial monitoring committee (JMMC) of the Organization of Petroleum Exporting Countries and its Allies (OPEC+) on Wednesday, April 3, just after crude oil prices reached their highest point of the year.

Members of OPEC+ will assess the state of the market and each other’s execution of the output cuts they have previously decided to prolong.

The Middle East conflict, attacks on Russian energy infrastructure, and tighter supply have all contributed to this year’s overall oil boom. Brent crude increased to $89 per barrel on Tuesday from $77 at the end of 2023.

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