An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Ministers from OPEC+ countries met in a virtual gathering that sources said lasted less than 30 minutes.

OPEC+ has long taken a cautious approach in its decision-making, as it contends with market supply-demand fundamentals, pressure from international consumers to help ease the burden on households, and the need to incentivize further investment into spare capacity. OPEC+ agreed to cut its production target by 2 million barrels per day (bpd), about 2% of world demand, from November last year until the end of 2023 to support the market.