Key ministers from OPEC+ are set to meet on Thursday to discuss their output policy. Sources indicate it is unlikely that the group will change its current agreement to reduce production or begin unwinding some of these cuts starting in October, despite the recent sharp decline in oil prices.
The meeting, known as the Joint Ministerial Monitoring Committee (JMMC), will be held online at 1000 GMT and will include top ministers from the Organization of the Petroleum Exporting Countries and its allies, led by Russia.
According to five OPEC+ sources who spoke to Reuters this week, there are no expected changes to the current plan.
Oil prices have fallen from a 2024 high of over $92 a barrel in April to around $81 on Wednesday, driven by concerns about the strength of demand. However, prices have found some support this week due to rising tensions in the Middle East.
OPEC+ is currently cutting output by a total of 5.86 million barrels per day (bpd), equivalent to about 5.7% of global demand, through a series of steps agreed upon since late 2022.
At its last meeting in June, the group agreed to extend cuts of 3.66 million bpd by a year, until the end of 2025. They also decided to prolong the most recent layer of cuts—2.2 million bpd by eight members—by three months, until the end of September 2024.
The current plan also involves gradually phasing out the 2.2 million bpd cuts over a year, from October 2024 to September 2025.
The JMMC, which includes oil ministers from Saudi Arabia, Russia, and other leading producers, typically meets every two months and can make recommendations to the broader OPEC+ group.
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