The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, is unlikely to recommend any changes to oil output policy, Reuters reported citing five OPEC+ sources.

OPEC+ is scheduled to meet next week, on February 1.

Market reaction

Crude oil prices edged slightly higher on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $81.85, where it was up 0.3% on a daily basis.