Key OPEC+ nations reiterated the need for members to stick to oil output quotas after the group’s surprise decision to speed up an output revival battered crude prices.
The Joint Ministerial Monitoring Committee noted that some OPEC+ members failed to fully observe their limits or deliver extra curbs pledged as compensation for over-producing, according to a statement on the group’s website on Saturday. These nations were told to submit compensation plans by April 15.
Led by Saudi Arabia and Russia, the OPEC+ alliance stunned oil traders last week by announcing it would accelerate plans to revive halted supplies next month, with an increase triple the size originally scheduled. Delegates privately said the shock move was intended to instill better discipline among members like Kazakhstan and Iraq.
The decision on Thursday, unveiled just hours after President Donald Trump’s barrage of tariffs sent financial markets into meltdown, compounded losses in crude futures, which tumbled the following day to a four-year low.
The JMMC is next due to meet on May 28, the same day that the OPEC+ alliance is set to hold its next full ministerial meeting. The subset of nations engaged in supply restraints will make a decision on June output on May 5.
--With assistance from Salma El Wardany and Fiona MacDonald.
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