The Organization of the Petroleum Exporting Countries (OPEC) said on Friday that the joint ministerial monitoring committee(JMMC), scheduled to convene on Monday, does not hold decision-making authority over production levels.
OPEC added that claims linking the JMMC meeting to oil output changes or voluntary adjustments are ‘inaccurate and fall outside its mandate’.
An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.
(Reporting by Yomna Ehab, Editing by Louise Heavens)