OPEC+ scheduled to meet in early February – Reuters
The exact date of the meeting has not yet been decided, Reuters reported citing three sources familiar with the matter.
PHOTO: An oil pump against the OPEC logo. Getty Images
The Organization of the Petroleum Exporting Countries comprises the world’s top oil producers including Saudi Arabia and the UAE and its allies (OPEC+) led by Russia.
The group will hold its Joint Ministerial Monitoring Committee (JMMC) meeting in early February to discuss the effectiveness of its latest production agreements, Reuters reported.
The oil-producers group last met in November 2023 and agreed to voluntarily cut crude oil production by about 2.2 million b/d through the first quarter of 2024, in a bid to prevent a supply surplus.
According to a Reuters source, the JMMC meeting is expected to evaluate how the agreed cuts have been implemented in January.
The coalition holds these meetings once in two months to discuss and evaluate production quotas and implementations.
By Aparupa Mazumder
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