Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, (OPEC+), will be holding an online joint ministerial monitoring committee meeting (JMMC) on Thursday at 10:00 GMT.
Five sources from the group revealed that the panel is unlikely to make any changes to its current deal to cut production and to start unwinding some cuts from October, despite recent sharp declines in oil prices, as gathered by Reuters.
“I think it is unlikely that we will see a new change or development in Thursday’s meeting, especially to limit more OPEC+ production,” one of the sources said, declining to be identified.
Oil has fallen about 9% so far this month, trading below $80 a barrel on Tuesday, waning on dissipating geopolitical risks and concern about the strength of Chinese demand.
The Saudi government’s communications office did not immediately return a request for comment. OPEC’s headquarters in Vienna did not immediately respond to a request for comment also.
The group in its last meeting, agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and to prolong the most recent layer of cuts – a 2.2 million bpd cut by eight members – by three months until the end of September 2024.
The JMMC meeting takes place every two months, and it is a platform where policy changes can take place.
