Next OPEC+ meeting won’t result in changes to supply plans: Report

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OPEC+ delegates expect the group's coming monitoring session to be held on Aug. 1 to be routine, making no changes to plans for a supply hike starting in the fourth quarter of this year, Bloomberg reported, citing unnamed delegates.

There are no plans for the Joint Ministerial Monitoring Committee (JMMC) to issue any recommendations regarding production policy, they said.

“OPEC+ will most likely wait and see if this summer’s much-anticipated demand increase materializes before taking any decision on production,” said Jorge Leon, Senior Vice President at Rystad Energy AS.

Leon added that there is a consensus that if demand steps up in the second half of this year, OPEC+ would have room to start easing cuts starting October.