The OPEC+ group is scheduled to continue cutting output at least until the end of the first half of 2024, the JMMC has not proposed changes in output policy. Their next meeting will be held on June 1, where they will decide whether to continue or modify the current reduction level. Ole Hansen, head of commodities strategy at Saxo Bank, said the OPEC+ decision would keep markets tight and potentially boost prices. Several OPEC+ members, including Russia, have pledged to reduce crude oil production and exports in the first half of 2024, with further voluntary reductions also being implemented. Russia plans to cut oil production instead of exports in the second quarter of 2024 so that all OPEC+ producers contribute equally to the cuts.