RIYADH: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have kept its output policy unchanged, as oil prices hit their highest in five months. The producers’ alliance made the decision during the 53rd meeting of the Joint Ministerial Monitoring Committee that took place via videoconference on Wednesday. The meeting reviewed the crude oil production data for January and February 2024, the market situation, and members’ implementation of output cuts. Oil has rallied this year, driven by tighter supply, attacks on Russian energy infrastructure, and war in the Middle East. Brent crude traded above $89 a barrel on Wednesday, its highest since late October 2023. OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day until the end of June to support the market. Russian Deputy Prime Minister Alexander Novak said on Friday Russia has decided to focus on reducing oil output rather than exports in the second quarter to evenly share production cuts with other OPEC+ member countries. In a statement following the conclusion of the meeting, OPEC+ said it welcomed the Russian announcement on its production. “Participating countries with outstanding overproduced volumes for the months of January, February, and March 2024 will submit their detailed compensation plans to the OPEC Secretariat by April 30,” the statement said. Iraq last month promised to lower exports to make up for pumping above its OPEC target, a pledge that would cut shipments by 130,000 bpd from February. The 50,000 bpd cut in March, according to the survey, leaves more to do in later months to meet the pledge. The statement said: “The committee will continue to monitor the conformity of the production adjustments decided during a meeting on June 4, 2023, and the additional voluntary production adjustments announced by some OPEC and non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 and February 2024.” The next meeting of the JMMC is scheduled for June 1.