The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is set to convene a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, as disclosed by three sources within the alliance. While the exact date has yet to be finalized, OPEC+ typically conducts these meetings every two months to oversee the implementation of its production agreements.
The JMMC session will bring together key nations in the alliance, including Saudi Arabia, Russia, and the United Arab Emirates, to assess the adherence to the voluntary output cuts agreed upon during the last full ministerial meeting on November 30. The agreement involved collective voluntary cuts of approximately 2.2 million barrels per day (bpd) for the current quarter, with Saudi Arabia extending its existing voluntary cut.
The upcoming JMMC meeting is expected to evaluate the progress and compliance with the production deal throughout January, according to one of the sources. In the previous month, OPEC member Angola withdrew from the group, citing dissatisfaction with the allocated production quota.
