Ministers of the world’s major oil-producing countries will convene Wednesday for the Joint Ministerial Monitoring Committee (JMMC) during which recommendations will be made for the following day’s 15th Ministerial Meeting of Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.
The committee will also monitor the conformity levels to the voluntary production adjustments adopted at the previous OPEC and non-OPEC Ministerial Meeting, and review global oil market conditions and prospects.
The JMMC’s technical think-tank, the Joint Technical Committee (JTC) is scheduled to convene later on Tuesday via videoconference.
On March 4, OPEC+ members rolled over existing production quotas until April. However, Kazakhstan and Russia were excluded and allowed marginal production increases by 130,000 and 20,000 bpd, respectively due to ongoing seasonal consumption patterns. Saudi Arabia also decided to keep its voluntary cut of 1 million barrels per day (bpd).
Including Russia and Kazakhstan’s output rise exemption, the group agreed to reduce its production by 7.9 billion bpd in April.
Previously in February and March, Russia and Kazakhstan collectively increased their output by 75,000 bpd while the rest of the group held output steady.
By Firdevs Yuksel and Sibel Morrow