VIENNA: Opec nations and oil-producing allies reaffirmed Sunday plans to keep current oil output levels unchanged until March, and agreed a mechanism to assess members’ maximum production capacity, without giving any details.
The announcements were made after ministers of the Organization of the Petroleum Exporting Countries and allied nations (Opec+) held a string of virtual meetings, including the alliance’s biannual ministerial meeting.
The meetings came as uncertainty remained over how oil prices will develop in the near future, with traders looking for indications of progress in ongoing negotiations on resolving the conflict in Ukraine, which could lead to the return of Russian crude to markets.