The Joint Ministerial Monitoring Committee of OPEC+ (JMMC) is expected to reiterate confirm the decisions of the OPEC+ meeting from early June at its next meeting in early August, Commerzbank’s commodity strategist Carsten Fritsch notes.

Withdrawal of voluntary production cuts remains in place

“OPEC+’s JMMC is expected to confirm the decisions of the OPEC+ meeting from early June at its next meeting in early August. This was reported by Reuters, citing unnamed sources.”

“This means that the gradual withdrawal of voluntary production cuts planned from October will remain in place. However, these are subject to the condition that the market can absorb the additional supply, as Russian Deputy Prime Minister Novak emphasized this week.”