Opec+ set to hold monitoring meeting in early February

OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact date has not been decided, three sources from the alliance said.

Opec+, which comprises the Organization of the Petroleum Exporting Countries and allies led by Russia, usually holds such meetings every two months to monitor the implementation of its production agreements.

The committee brings together leading countries within the alliance, including Saudi Arabia, Russia and the United Arab Emirates.

At its last full ministerial meeting on Nov 30, Opec+ agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) during the current quarter, led by Saudi Arabia rolling over its current voluntary cut.

The JMMC meeting is expected to assess the deal’s implementation in January, one of the sources said.

Last month, Opec member Angola quit the group because it was unhappy with the production quota it was given. REUTERS