By Rhod Mackenzie
The Ministers of the OPEC + Monitoring Committee (JMMC) during the upcoming meeting on August 4 are unlikely to adopt recommendations on changing production quotas, several members of the alliance polled by Interfax, who wished to remain anonymous, believe.
The meeting will take place online on August 4.
At the last meeting in early June, OPEC+ ministers did not change the quotas for the current year, but changed them for 2024. Voluntary production restrictions imposed by nine OPEC+ countries were also extended for the whole of 2024. In addition, Saudi Arabia further reduced its production by 1 million b/d for July and then for August. A decision on the kingdom's plans for September has not yet been made public. Saudi Arabia usually announces prices for the sale of its oil to different regions in the first 5-7 days of the month preceding the sale.
Since the end of June, the price of oil has been on an upward trend, and from $73 per barrel it is already steadily exceeding $83 per barrel.
In October 2022, the OPEC+ ministers decided to hold meetings of the ministerial committee, the purpose of which is to discuss the situation on the market, once every two months.
JMMC may convene an unscheduled full-length OPEC+ ministerial meeting at any time as necessary to respond to market changes. Now the ministers meet every six months, the next talks are scheduled for November 26.