OPEC is set to hold its Joint OPEC/non-OPEC Ministerial Monitoring Committee (JMMC) meeting today to review current market conditions.
No recommendations for broader policy changes are anticipated.
Under the existing agreement, voluntary production cuts will continue through the end of the first quarter, while collective cuts are scheduled to remain in effect until the end of 2026.
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The JMMC’s primary role is to monitor compliance with production agreements among OPEC+ members and assess market conditions.
This includes
- reviewing monthly production levels,
- ensuring that member countries adhere to agreed production cuts or increases,
- and making recommendations to the broader OPEC+ group on adjustments to production targets.
It conducts a review of the oil markets every two months and has the authority to call for a full OPEC+ meeting if it decides one is needed.