OPEC Plus said that without any change, they will continue their policy of reducing oil production in an attempt to maintain stability in the supply of oil on world markets.

OPEC Plus said in a statement: "We will continue to reduce oil production from November 2022, in addition to voluntary reductions initiated by some countries in July 2023.

"We reviewed oil production data for December and February 2024 and found that OPEC members and independent producers have largely adhered to the policy of reducing oil production since the two months," it said.

Under the OPEC Plus agreement, OPEC members are obliged to cut 3.66 million barrels per day, and independent producers will voluntarily cut 2.2 million barrels per day.

OPEC Plus welcomed Iraq and Kazakhstan's commitment to achieve full compliance and compensate for excess production, as well as Russia's announcement that it would voluntarily shift production rather than exports in the second quarter of 2024.

OPEC Plus is scheduled to meet in June of the current.