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

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An OPEC+ panel is unlikely this week to recommend any changes to its current deal to reduce production and to start unwinding some cuts from December, despite recent sharp declines in oil prices, well-informed sources told Reuters.

Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee (JMMC) meeting on Wednesday at 03:00 p.m. Makkah Time.

"Although the oil market situation is a bit complicated, I do not expect a new decision or any change to the OPEC+ agreement in Wednesday's meeting," one of the sources said.

OPEC+ is currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022.