Brent crude held near $78 a barrel after OPEC+ ministers agreed to keep production quotas unchanged through September, opting to monitor demand before adjusting supply further.

The decision, confirmed after a brief virtual meeting, removes near-term uncertainty that had weighed on the market in recent weeks amid speculation of an early output increase.

Saudi Arabia’s energy ministry pointed to still-elevated global inventories as a reason to prioritize market stability over faster volume gains.

Analysts said the steady policy stance leaves prices largely at the mercy of demand signals from China and the pace of U.S. shale output through the rest of the year.