OPEC+ keeps production quota unchanged as crude oil prices near $90 per barrel

The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by the Russian Federation has decided to keep oil production quota unchanged until its next meeting in June.

The oil cartel and together with its newfound friends in a statement following the meeting appreciated the commitment of its members towards the declaration of cooperation.

The committee appreciated commitments from Iraq and Kazakhstan to fully comply and offset any excess production, along with Russia’s declaration that its reductions in the second quarter will be calculated based on production levels rather than exports.