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OPEC+ JMMC Recommends No Change To Output Policy

OIL

OPEC’s JMMC recommended no change to the group’s current output policy during today’s virtual meeting according to a delegate.

  • Market participants did not expect the group to make any recommendations to the current policy prior to the meeting.
  • Saudi Arabia announced on Thursday that it will extend the unilateral cutback of 1mbpd into September, while leaving the door open to further extend or deepen the cuts.
  • This was followed by an announcement from Russia’s Deputy Prime Minister to extend the nation’s crude exports cuts by 300kbpd into September, compared with 500kbpd in August.
  • The full 23-nation OPEC+ alliance is due to meet on 26 November in Vienna.
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