Analysts had expected the alliance to decide on another output increase of 411,000 bpd – the same target approved for May, June and July.

The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above US$80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world’s oil supply.

The wider OPEC+ group – comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies – began output cuts in 2022 in a bid to prop up prices.

But in a policy shift, eight alliance members spearheaded by Saudi Arabia surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting.

Oil prices have been hovering around a low US$65 to US$70 per barrel.