OPEC+ to Keep Production Targets Unchanged

An OPEC+ committee has recommended the group keep production steady- a decision widely expected by the market.

• They cited Russian sanctions and Chinese demand as the main uncertainties for changing production.
• OPEC+ will look to maintain the 2mn bpd cut announced late last year.
• Oil prices remain largely flat due to the expected announcement.
• The current agreement will stay in place until the end of 2023 (as previously agreed by the group)
• The next JMMC meeting is on 3 April.