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OPEC and the broader OPEC+ group do not see any need to propose a change to the current oil production policy when the Joint Ministerial Monitoring Committee (JMMC) meets next week

Russias government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day by the end of June

Preview Text: Crude continues to trade in a narrow bandwidth, but major data reports could have an impact this week.

OPEC+’s voluntary production cuts that were set to expire at the end of the first quarter could be extended through the end of the year, three OPEC+ sources told Reuters on Tuesday

Oil industry watchers and analysts are betting on OPEC+ extending its oil production cuts beyond the first quarter of 2024 into the next quarter, a new Bloomberg survey revealed on Friday

Even though the IEA cut its 2024 demand forecast to 1.22 million b/d this month, OPEC remains vehemently bullish about the oil markets, expecting them to rise 2.25 million b/d.

Kazakhstan vows to adhere to OPEC+ cuts after exceeding its January quota, pledging to compensate for overproduction in the following months.

OPEC’s crude oil production slumped by 350,000 barrels per day (bpd) in January as the latest voluntary output cuts kicked in, but not all those who had pledged reductions delivered on their promises.

There is always a point which my research and forty years of experience tell me that the balance is shifting, and we are at that point now and oil looks set to climb as a result

HSBC Global Research has predicted that Brent crude prices will remain range-bound at $75 per barrel to $85 per barrel in the mid-term as with spare production capacity by OPEC+ enough to offset any geopolitical risks