LONDON/MOSCOW/DUBAI: An OPEC+ ministerial panel which met on Wednesday made no changes to the group’s current oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted.

Oil has jumped towards $100 a barrel for Brent crude, the highest since 2022, although prices have come under pressure in recent days from concerns that interest rates may remain higher for longer and from weaker economic growth.

Oil dips on high interest rate worries, OPEC+ panel awaits

“The committee will continue to closely assess market conditions,” an OPEC statement issued after the meeting said, adding that the panel recognised and acknowledged the Saudi and Russian cuts.

Earlier on Wednesday, Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia said it will keep a 300,000 bpd voluntary export curb until the end of December.

Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilise the market, and prices were not being targeted.

Ahead of the meeting, OPEC+ sources had told Reuters that policy was likely to remain steady although with oil rallying, some analysts had cited an increasing probability the Saudi voluntary cuts will be reduced.

The Saudi and Russian supply cuts are on top of earlier curbs announced since late 2022. The next JMMC meeting is on Nov. 26, the statement said, the same day as the next scheduled full meeting of OPEC+ to decide policy.