Banca March: The production cap was introduced in November and is valid until the first quarter of 2024 and, last month, it was extended until mid-year. The agreement is paying off for the cartel, with the price of Brent crude oil reaching $90 per barrel yesterday, helped by other factors such as tensions in the Middle East and the attacks on Russian refineries. At yesterday’s session they decided to maintain the pact until June and discussed remedial measures for those countries that have exceeded the agreed restrictions. Three countries have produced in excess of their quotas in the first quarter: Gabon, Iraq and Kazakhstan. The three countries in question must submit their compensation plans by 30 April. As for Russia, it announced cuts based on production rather than exports. The next meeting will be held on 1 June, and by the end of the same month, the voluntary cuts are expected to be withdrawn, leaving the “non-voluntary” ones at 3.66 million barrels per day.
OPEC+ reconfirms continuation of voluntary 2.2m bpd oil production cuts until mid-year
