The Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to hold an online Joint Ministerial Supervisory Committee (JMMC) meeting on April 3 to examine market conditions and production cuts implemented by member countries. Three OPEC+sources revealed that it is unlikely to make any changes to the oil production policy before the full ministerial meeting in June.

Sources have stated that they do not expect any action to be taken at the April meeting, which may be quick and simple.

Earlier, OPEC+member states led by Saudi Arabia and Russia agreed to extend the voluntary production reduction of 2.2 million barrels per day until the end of the second quarter.

So far this year, international oil prices have remained strong, with Brent crude oil prices consistently exceeding $86 per barrel on Tuesday, up from the low point of just over $70 at the end of last year. The strength of oil prices this year is mainly due to market concerns about supply disruptions caused by the Middle East conflict and attacks on Russia's energy infrastructure. However, economic uncertainty and increased supply beyond OPEC+have further limited the rise.

When the voluntary production restriction measures expire at the end of June, the total reduction of OPEC+will be reduced to 3.66 million barrels per day according to the preliminary agreed steps in 2022. JMMC includes major OPEC+countries such as Saudi Arabia, Russia, and the United Arab Emirates, and typically meets every two months to propose policy change proposals, which are then discussed and approved in a ministerial meeting that includes all members.