No change to OPEC+ oil production policy, reports say

An OPEC+ committee recommended Wednesday to keep the cartel's oil production unchanged, according to news reports citing various committee delegates, which would lock in levels set last October when the group initially announced a 2M bbl/day cut.

The OPEC+ Joint Ministerial Monitoring Committee, which tracks the alliance's compliance with its production quotas, convened digitally on Wednesday, with members awaiting a clearer outlook for the market as China fully reopens from COVID-19 restrictions and additional sanctions begin on Russian crude and oil products.

ETFs: (NYSEARCA:USO), (NYSEARCA:BNO), (UCO), (SCO), (DBO), (DRIP), (GUSH), (USOI), (NRGU)

The status-quo recommendation was widely anticipated and caused little reaction in crude prices, with April Brent crude -0.1% at $85.37/bbl and March WTI crude +0.2% at $79.01/bbl.

Anticipating commodity prices will enjoy a boost from China's economic re-opening, Royal Bank of Canada analysts said this week that oil prices may have already found a floor for the year.

Now read: Energy Earnings Likely To Fall In 2023. Does It Matter?