OPEC+ unlikely to change output policy at next JMMC meeting: Report

Logo of OPEC

OPEC+’s Joint Ministerial Monitoring Committee (JMMC) is unlikely to recommend an oil output policy changes at its online meeting scheduled tomorrow, Aug. 1, Reuters reported, citing informed sources.

The sources also said that tweaking the OPEC+ plan to gradually phase out production cuts of 2.2 million barrels per day (bod) over the course of a year as of next October until September 2025 is not in the cards.

This aligns with what was agreed upon at the semi-annual OPEC meeting held last June. The sources explained that this step shall come despite the recent sharp pullback in oil prices.

At its last meeting in June, the group agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and to prolong the most recent layer of cuts entailing a 2.2 million bpd cut by eight members, by three months until the end of September 2024.