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The
Organization of the Petroleum Exporting Countries and allies led
by Russia, known as OPEC+, will hold an online joint ministerial
monitoring committee meeting (JMMC) on April 3 to review the
market and members' implementation of output cuts they have
already agreed to extend.
Oil has rallied this year, underpinned by tighter supply and
attacks on Russian energy infrastructure and war in the Middle
East. Brent crude reached $89 a barrel on Tuesday, up from $77
at the end of 2023.
Two of the sources, who asked not to be named because they were
not authorized to speak publicly, said they expected a
straightforward meeting, citing the earlier decision to extend
output cuts. The meeting is scheduled for 1 p.m. Vienna time
(1100 GMT).
OPEC+ members, led by Saudi Arabia and Russia, last month agreed
to extend voluntary output cuts of 2.2 million barrels per day
(bpd) to support the market. The cuts are voluntary in that they
are not shared across all members of the group.
Russian Deputy Prime Minister Alexander Novak said on Friday
Russia has decided to focus on reducing oil output rather than
exports in the second quarter in order to evenly spread
production cuts with other OPEC+ member countries.
When the voluntary curbs expire at the end of June, the total
cuts by OPEC+ are set to decline to 3.66 million bpd as agreed
in earlier steps starting in 2022.
The JMMC brings together leading OPEC+ countries including Saudi
Arabia, Russia and the United Arab Emirates.
The panel usually meets every two months and can make
recommendations to change policy that can then be discussed and
ratified in a full ministerial meeting including all members.
(Reporting by Alex Lawler, Maha El Dahan, Ahmad Ghaddar and
Olesya Astakhova, editing by Barbara Lewis)
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