OPEC+ JMMC statement: Next meeting to be held in Jeddah in May

It looks like the April meeting will be called off

  • OPEC+ members say will exceed voluntary output adjustments in coming months
  • Sees overall February output cuts conformity at 90%
  • Adds Nigeria, Kazakhstan, Iraq, UAE as members


Looks like we may have to settle for more limbo in oil prices as OPEC+ appears to be content with leaving production cuts as they are and make a further decision on them in June.

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