The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, on March 3, 2022.

OPEC sticks to policy of reducing oil output

The Group often acts to change the supply and demand of oil, in order to control market prices and ensure high revenues for its members. But it says it's ready to meet at any time to “address market developments if necessary.”