2024-07-31 10:10:07
Despite the recent sharp drop in oil prices, OPEC+ is unlikely to make any changes this week to its current policy of cutting oil production, Reuters reported. This was stated by five sources from the Organization of the Petroleum Producing Countries, who wished to remain anonymous.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, as the group is known, will hold an online meeting of the Joint Ministerial Monitoring Committee (JMMC) on Thursday at 10:00 GMT (12:00 hours Bulgarian time), writes BTA.
“I think it’s unlikely we’ll see any new change or development at Thursday’s meeting, especially on limiting more OPEC+ production,” said one of the sources, who declined to be named.
Oil has fallen about 9 percent so far this month, trading below $80 a barrel today, weakened by distracting geopolitical risks and concerns about the strength of Chinese demand.
The Saudi government’s communications office and OPEC headquarters in Vienna did not immediately respond to a request for comment.
OPEC+ is currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7 percent of global demand, in a series of steps agreed from late 2022.
OPEC+ plans to phase out cuts of 2.2 million barrels per day over a year from October 2024 to September 2025. The rest, at 3.66 million barrels per day, is scheduled to remain until at least the end of 2025.
A joint ministerial monitoring committee, which brings together oil ministers from Saudi Arabia, Russia and other top producers, usually meets every two months and can make recommendations for policy changes.