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.