An OPEC+ panel is likely to recommend keeping the group’s current oil output policy when it meets this week, two OPEC+ delegates told Reuters on Monday.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meetng at 1100 GMT on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted.
The JMMC had been due to follow a meeting of the OPEC+ joint technical committee (JTC) on Jan. 31. This has now been cancelled, three OPEC+ sources told Reuters on Monday.
The JTC advises the JMMC and the overall OPEC+ ministerial meeting on market fundamentals.