OPEC’s Joint Ministerial Monitoring Committee (JMMC), as the name suggests, monitors oil market developments and member output, and then recommends actions to the full ministerial meetings.
The JMMC is scheduled to hold an online meeting on Thursday February 1.
Bloomberg cite unnamed sources for info that:
- Part of the current oil production cuts only started at the beginning of January, so OPEC+ will need more time to review and assess what impact the output reduction has had on market balances
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OPEC+ members decided to voluntarily cut 2.2 million bpd from the group’s production in Q1 of 2024.
Oil update:
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