OPEC+ Plans Joint Ministerial Monitoring Committee Meeting in Early February

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are set to convene a meeting of the Joint Ministerial Monitoring Committee (JMMC) in early February, as reported by three inside sources within the alliance. Although the exact date remains undecided, these meetings typically occur every two months to oversee the adherence to production agreements.

Comprising OPEC nations and allies led by Russia, OPEC+ aims to monitor the implementation of production agreements through the JMMC. Key participants in this committee include major nations such as Saudi Arabia, Russia, and the United Arab Emirates.

During its last full ministerial meeting on November 30, OPEC+ reached an agreement on voluntary output cuts amounting to approximately 2.2 million barrels per day (bpd) for the current quarter. This reduction was primarily led by Saudi Arabia, which extended its existing voluntary cut.

The upcoming JMMC meeting is anticipated to evaluate the implementation of this agreement throughout January, as mentioned by one of the sources. In related developments, Angola, an OPEC member, withdrew from the group last month due to dissatisfaction with the assigned production quota.

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