Existing policies remain as tightening supply and rising demand continue to support prices.
The news triggered a continued downward trend in oil prices, causing Brent futures to dip by US$1, settling at $89.92 per barrel.
The panel, called the Joint Ministerial Monitoring Committee, can call for a full Opec+ meeting if warranted but sources have told Reuters it is unlikely to tweak current oil output policy. The US and Western allies have argued that the world needs lower prices to support economic growth and the global economy.
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