The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to maintain the current 2 million barrel per day production output.
The group made the decision on Sunday at the end of the 34th virtual OPEC and non-OPEC ministerial meeting.
The decision comes two days after the Group of Seven (G7) nations agreed to a price cap on Russian oil.
The global oil cartel will have its next meeting on June 2023.
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