OPEC and allies will hold a summit, called the Joint Ministerial Monitoring Committee (JMMC), online at 1200 GMT on Thursday, Reuters reported, citing sources from the alliance. The committee will likely discuss compliance with agreed production quota and demand trends amid declining oil prices and sluggish global economic recovery. The meeting is also expected to address non-compliance by Iraq, Nigeria and the UAE and press them to cut more output in the coming months to compensate for overproduction.
Analysts expect OPEC+ to maintain its current output reduction target of 7.7 million bpd, or 8% of global consumption. The alliance has been cutting supplies since January 2017 to ease glut and support prices. They agreed to cut production by a record 9.7 million bpd from May to July amid weak demand caused by the COVID-19 pandemic.
