The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has decided to postpone its upcoming online meeting by a day to August 19, following a request from Russia. JMCC analyzes the oil market condition and adjudicates compliance with OPEC+ output quotas. The committee holds a meeting every month and can also recommend changes to the OPEC+ production reduction deal.
OPEC+ producers initiated a record 9.7 million bpd supply cut in May to respond to the collapsing oil prices due to the COVID-19 pandemic. Last month, JMMC decided to ease the cuts to 7.7 million bpd for August until December. The curbs will then be relaxed further to 5.8 million bpd starting from January 2021 until April 2022. Russian energy minister Alexander Novak said on Thursday that so far, there had been no proposal from the participating countries to change the supply cuts.
