OPEC and its allies are expected to maintain their current oil production levels throughout the year.

This decision is driven by the significant profits that producers are currently enjoying from refined products.

The group, led by Saudi Arabia and Russia, aims to keep the market tight by continuing with production cuts.

Their strategy is focused on stabilizing global oil prices within the $75 to $80 per barrel range, allowing producers to maximize revenue while managing supply levels.

This approach indicates that OPEC+ will prioritize profitability over increasing output in the near future.