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Oil Market Set to Tighten as OPEC Sticks With Production Cuts

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The OPEC group decided to keep its production cuts unchanged until the end of the first half of 2024, meaning oil markets are set to tighten.

The OPEC group is set to continue with its production cuts until at least the end of the first half of 2024 as the alliance’s Joint Ministerial Monitoring Committee JMMC did not recommend any changes to output policy at its meeting on Wednesday. The JMMC is the OPEC panel that monitors the situation in the oil market and assesses compliance with the cuts. It doesn’t take decisions on policy as it just recommends possible actions to the full OPEC ministerial meetings.

After the meeting today, Ole Hansen, Head of Commodity Strategy at Saxo Bank, commented, “Brent crude oil toys with $90 after OPEC decided to stick with oil supply cuts for the first half of the year, keeping global markets tight and potentially sending prices higher.” Brent Crude was up by 0.73% at $89.61 early on Wednesday ahead of the weekly EIA inventory report.

 

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