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OPEC+ monitoring committee starts discussing January plan — source

The ministers also to touch on the oil market report prepared by the OPEC+ technical committee the day before

MOSCOW, December 2. /TASS/. The meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) has started, a source familiar with the course of talks told TASS.

"Yes, the meeting started," the source said. Ministers are to discuss the plan of oil production recovery in January.

The OPEC+ monitoring committee comprises 8 out of 23 countries participating in the OPEC+. These are Russia, Saudi Arabia, the UAE, Iraq, Kuwait, Algeria, Venezuela, and Kazakhstan. Ministers will discuss the oil market report prepared by the OPEC+ technical committee the day before.

According to the technical committee’s report seen by TASS, oil demand will grow by 5.65 mln barrels daily in 2021, with the estimate revised down by 160,000 barrels daily against the prior one (5.82 mln barrels per day).

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