One for the oil folks. Reuters carried the snippet on Thursday that the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC) panel will hold an online meeting on August 4, a day later than had been scheduled earlier.
Reuters cite two unnamed OPEC+ sources.
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The JMMC is an advisory committee, it won’t make changes to output levels itself.
- The Committee monitors the compliance of the member (OPEC) and non-member (the “+” in “OPEC+”) countries of OPEC with the production adjustments that they have agreed to.
- OPEC+ is a group of 24 oil-producing nations
- the 13 members of the Organization of the Petroleum Exporting Countries (OPEC)
- 11 other non-OPEC oil producers, led by Russia
- The JMMC review the monthly report prepared by the Joint Technical Committee (JTC), which includes data on the oil production of the participating countries, and make recommendations based on this information.
- The members of the JMMC change periodically but usually include several OPEC members and a few non-OPEC countries from the OPEC+ group.
If you think of OPEC+ as Saudi Arabia and Russia you wont be too far from the truth.