OPEC+ panel to meet on Monday at 1300 GMT, sources say
The time of Monday's meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, is an hour later than previously scheduled, two OPEC+ sources said.
The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary.
OPEC, in a post on X late on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions".
OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more to help keep a lid on gasoline prices.
Eight members began to raise output in April and since then have accelerated the hikes. Their most recent decision calls for an oil output increase of 548,000 barrels per day in August.
The eight countries hold a separate meeting on August 3 and remain likely to agree to a further 548,000 bpd increase for September, three OPEC+ sources said last week, as reported by Reuters earlier this month.
This would mean that, by September, OPEC+ would have unwound its most recent production cut of 2.2 million bpd, and the United Arab Emirates would have delivered a 300,000 bpd quota increase ahead of schedule.
Oil prices have remained supported despite the OPEC+ increases thanks to summer demand and the fact that some members have not raised production as much as the headline quota hikes have called for. Brent crude was trading close to $69 a barrel on Monday.
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