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OPEC+ monitoring starts discussing situation on oil market

According to the source, the OPEC+ monitoring will hardly recommend any changes of the current output parameters

MOSCOW, April 3. /TASS/. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has started an online meeting where representatives of the alliance will assess the current situation on the oil market, a source in one of the delegations told TASS.

The situation on the oil market is usually analyzed and recommendation on the alliance’s policy on oil production is defined at monitoring meetings. However, the committee may request a general meeting of OPEC+ any time if necessary. Ministerial monitoring meetings are held twice per month now. The latest such meeting took place on February 1.

Reuters reported earlier citing sources that on Wednesday the OPEC+ monitoring will hardly recommend any changes of the current output parameters. TASS’ source sticks to the same opinion.

At the latest ministerial meeting of OPEC+ on November 30, several countries of the alliance, including Russia and Saudi Arabia, took a decision on additional voluntary cuts in Q1 2024, which will total 2.2 mln barrels per day. The measure was extended for Q2 in early March.

Moreover, a number of OPEC+ countries, also including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 1.66 mln barrels per day from last spring to the end of 2024.

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