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JMMC Notes Conformity With OPEC+ Output Cuts

OIL

OPEC’s JMMC reviewed the crude oil production data for the months of May and June 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation in regard to the group’s pledged production cuts, OPEC said.

  • The group also noted to adjust of the frequency of the monthly meetings to become every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on last year.
  • The next meeting of the JMMC is scheduled for 04 October 2023.
  • OPEC’s JMMC recommended no change to the group’s current output policy, which was in line with market expectations, keeping crude prices stable.
  • Brent OCT 23 up 0.2% at 85.35$/bbl
  • WTI SEP 23 up 0.2% at 81.73$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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