Rhino: Agencies – A committee of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) held a technical video conference on Thursday to assess the current production cut strategy. According to the statement issued by the committee, the “good commitment” of the 23 member countries to the pledges made to reduce supply and support oil prices was confirmed.

This means that there will be no change in the current production cut strategy, but OPEC+ will remain “vigilant” of market conditions and says it is “ready” to “take further action at any time.”

The next meeting of the Monitoring Committee is scheduled for April 3rd. The statement refers to the “strong cohesion” of the cartel after recent market turmoil.

It is worth noting that the current oil price is around $80 per barrel after a short-term rise in the price of Brent crude to $100 in late September, far from the $140 mark it reached after the Russian invasion of Ukraine.