OPEC is expected to maintain its current oil production policy at the upcoming JMMC meeting in August.
The Joint Ministerial Monitoring Committee JMMC , the OPEC panel monitoring the oil market, is not expected to recommend in August any changes to the current production policy plan of the group, OPEC delegates told Bloomberg on Thursday. The JMMC panel meets more frequently than the OPEC ministers and typically observes the most recent market developments and, if necessary, recommends a course of action to the ministerial meetings.
But it also said it could begin unwinding some voluntary cuts after the end of the third quarter of 2024—subject to market conditions. The potential of OPEC barrels coming on the market in the fourth quarter of the year weighed on oil prices.
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