OPEC meeting (JMMC) coming up this week

July 31, 2024
-FCHFX

July 31, 2024 at 12:17AM
The OPEC+ meeting of the Joint Ministerial Monitoring Committee (JMMC) will be held via videoconference on Thursday.

The JMMC’s primary role is to monitor compliance with production agreements among OPEC+ members and assess market conditions.

This includes

reviewing monthly production levels,

ensuring that member countries adhere to agreed production cuts or increases,

and making recommendations to the broader OPEC+ group on adjustments to production targets.

It conducts a review of the oil markets every two months and has the authority to call for a full OPEC+ meeting if it decides one is needed.

Expectations are that the JMMC will not find any reason to call for a full OPEC+ meeting, nor to recommend any change to output policy.

This article was written by Eamonn Sheridan at www.forexlive.com.

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