Oil Prices Hold At April Highs After OPEC+ Panel Report

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by Tyler Durden
Friday, Aug 04, 2023 - 12:23 PM

The OPEC+ monitoring committee recommended no changes to the coalition’s supply policy at an online meeting on Friday, according to a delegate.

The committee “will continue to closely assess market conditions” and noted that OPEC+ members are willing “to address market developments and stand ready to take additional measures at any time,” according to a statement on the organization’s website.

This recommendation follows Riyadh's announcement yesterday that it will extend a unilateral cutback of 1 million barrels a day into September  - and potentially deepen the reduction after that - to support a fragile market.

Bloomberg reports that The kingdom is getting some assistance from fellow OPEC+ member Russia, which is finally delivering on pledges to curb its supplies.

Moscow announced on Thursday it will also continue export restraints into September, but taper them slightly to 300,000 barrels a day.

The result was oil prices are holding back around $82 (WTI) at April highs (post-OPEC+ cut)...

The Joint Ministerial Monitoring Committee will convene again on Oct. 4, according to the statement, while the full 23-nation OPEC+ alliance is due to meet in late November.