Oil rises as OPEC+ maintains output cuts

Oil prices rose on Friday following OPEC+ decision to keep the voluntary output cut policy unchanged.

Brent crude for April delivery increased 0.31% to $78.94 a barrel at 9:00 am Makkah time.

WTI contracts for March delivery rose 0.23% to $73.99 a barrel.

OPEC stated on Thursday that the Joint Ministerial Monitoring Committee (JMMC) reviewed today, Feb. 1 the crude oil production data for November and December 2023 and noted the commitment of OPEC and non-OPEC members to the declaration of cooperation (DoC).

ANZ Research analysts said in a Friday note those production cuts should keep supply tight in the first quarter, with non-OPEC production increases set to normalize and U.S. output growth slowing in 2024 to 300,000 barrels per day (bpd) from 800,000 bpd last year.