OPEC+ Doesn’t Plan Any Changes to Oil-Output Policy Next Week, Delegates Say

Joint Ministerial Monitoring Committee set to gather on Feb. 1
Prices high enough to preclude further action: Commerzbank

The OPEC headquarters in Vienna.
Photographer: Andrey Rudakov/Bloomberg

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By Grant Smith, Fiona MacDonald, and Salma El Wardany

January 26, 2024 at 11:47 AM UTC

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OPEC+ isn’t planning to make any changes to oil output policy at next week’s monitoring meeting, several delegates from the group said.

Saudi Arabia and its allies have just this month started new production cutbacks and need more time to assess their impact, said the officials, who asked not to be identified. The group’s Joint Ministerial Monitoring Committee is due to convene online on Feb. 1.