The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has started its meeting via videoconference, Report informs referring to foreign media.
Traditionally, JMMC gives the alliance a recommendation on the advisability of adjusting the parameters of the agreement and convening an extraordinary meeting of all heads of delegations.
This time, the OPEC+ committee is expected to recommend maintaining the current agreed level of oil production, Bloomberg reported last week, citing people familiar with the matter. This is due to the emerging recovery in global demand, as well as the expectation of clarity about demand in China and the impact of sanctions on supplies from Russia.
JMMC includes 8 countries out of 23 participating in the agreement – Saudi Arabia, UAE, Iraq, Kuwait, Algeria, Venezuela, Russia and Kazakhstan.
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