VIENNA: A committee of major oil producers recommended on Friday to keep the cartel’s current output strategy uncha-nged after heavyweights Saudi Arabia and Russia extended their cuts despite recovering prices.

       Oil prices have picked up in recent months due to high demand coupled with tighter supply, sending the price for Brent crude up to $85 a barrel — its highest level in over three months.

       Following Russia’s invasion of Ukraine in February 2022, oil peaked at more than $130 dollars per barrel.

       In a virtual meeting on Friday, the group’s Joint Ministerial Monitoring Committee (JMMC) “reaffirmed the commitment of its member countries” to the production reduction strategy “which extends to the end of 2024”, a press release said.

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       Published in Dawn, Aug 5th, 2023