The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have decided to maintain their current oil output policy, according to sources familiar with the matter. The technical committee of OPEC+ met on Wednesday and concluded that no changes should be made to the group’s production strategy.
The Joint Ministerial Monitoring Committee, which can only recommend policy changes, will convene again on June 1 to discuss any potential adjustments. This decision comes after some OPEC+ members agreed in March to extend voluntary crude output cuts into the second quarter of this year.
In other news, Euro zone inflation unexpectedly slowed to 2.4% in March, below economists’ expectations of 2.6%. Meanwhile, Turkey’s annual inflation rose to a staggering 68.5% in March, despite recent rate hikes.
On the market front, Finecobank shares rallied by 6% in London, while Austria’s largest electricity provider Verbund saw a 4.5% drop after a ratings downgrade.
Overall, the global oil market remains stable as OPEC+ maintains its current production policy, while inflation concerns persist in both the Euro zone and Turkey. Investors will be closely watching these developments as they navigate the ever-changing economic landscape.
