MOSCOW, July 25. /TASS/. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) scheduled to meet on July 28 has no powers to decide on the oil production level, OPEC says on the X.
"In light of recent media reports regarding the upcoming JMMC meeting, the OPEC Secretariat clarifies that the Committee, scheduled to convene on July 28, does not hold decision-making authority over production levels," the statement indicates.
"Its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions," the organization said. Claims linking the JMMC meeting to output changes or voluntary adjustments by the 'Group of Eight’ [eight OPEC+ countries voluntarily reducing oil production - TASS] are inaccurate, and fall outside its mandate," the Secretariat noted.
"The Secretariat urges accurate reporting to prevent market confusion and speculation," OPEC concluded.