05:29 AM EDT, 04/03/2024 (MT Newswires) -- The OPEC Joint Ministerial Monitoring Committee is not likely to recommend any changes to the alliance's oil production policy at its Wednesday meeting, Reuters reported Wednesday, citing three unnamed OPEC+ sources.

The producer group most recently decided to extend voluntary oil output cuts until June. Two of the sources told Reuters they expected a straightforward meeting, while five other sources shared this view, according to the report.

Crude oil prices have rallied this year due to tighter supply and conflict in Russia and the Middle East.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)