3 days ago
OPEC says JMMC does not hold decision-making authority over production levels
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.
