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OPEC+ Plans to Keep Oil Production Cuts Unchanged
The OPEC+ group doesn’t have any plans to alter the current oil production policy and cuts when the alliance’s monitoring panel meets next week, OPEC+ delegates told Bloomberg on Friday. OPEC’s Joint Ministerial Monitoring Committee (JMMC), which takes stock of oil market developments and recommends actions to the full ministerial meetings, is scheduled to hold an online meeting on February 1. Part of the current oil production cuts only started at the beginning of January, so OPEC+ will need more time to review and assess what impact the output reduction has had on market balances, Bloomberg’s anonymous ... (full story)