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Ministers Discuss Downgrading Next Week's OPEC+ Meeting To Only JMMC-Wires

OPEC

Wires and social media reporting that OPEC ministers are considering downgrading the next meetings planned for 28 April to just a Joint Ministerial Monitoring Committee (JMMC), rather than a full ministerial meeting.

  • The previous meeting on 1 April saw OPEC+ ministers agree to a gradual increase in output from May to account for a recovery in prices over the past several months.
  • Large importers of oil remain wary of continued tight supply from OPEC+, which has shown little willingness to countenance a significant increase in production levels, with Russia the loudest voice in favour of production hikes at recent meetings.
  • If the wire reports are true, it would limit the potential for major decisions to be made at next week's meeting, with the JMMC providing recommendations for the full ministerial meeting that usually takes place the day after.
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