OPEC-JMMC Meetings
OPEC-JMMC meetings are attended by representatives from the 12 OPEC members and 11 other oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded. Source first met in Jan 2017;
- History
| Expected Impact / Date | Description |
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| Feb 3, 2025 | |
| Dec 5, 2024 | |
| Oct 2, 2024 | |
| Aug 1, 2024 | |
| Jun 2, 2024 | |
| Apr 3, 2024 | |
| Feb 1, 2024 | |
| Nov 30, 2023 | |
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- OPEC-JMMC Meetings News
From thearmchairtrader.com|Feb 4, 2025The price of West Texas Intermediate (WTI) started the session on Monday with a bullish momentum, opening with a gap above $74.70 per barrel. However, the session was marked by high volatility, leading to a drop of more than 4%, bringing the price down to the $72.00 per barrel zone. This decline occurred in the context of uncertainty generated by recent OPEC+ decisions regarding global crude oil supply. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have confirmed their plan to gradually increase oil ...
From oilprice.com|Feb 3, 2025OPEC is dropping the U.S. Energy Information Administration (EIA) as a secondary source to assess crude oil production of the OPEC+ countries and their compliance with the group’s output cuts, the cartel said after a panel meeting on Monday. After thorough analysis from the OPEC Secretariat, the Joint Ministerial Monitoring Committee (JMMC) replaced consultancy Rystad Energy and the EIA with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production and compliance, OPEC said. The move is effective ...
From argusmedia.com|Feb 3, 2025A key panel of Opec+ ministers today effectively gave its backing to the group's output policy, which would not see any production returned to market until at least April. It has not, for now at least, heeded US President Donald Trump's call for the producer group to "bring down the cost of oil," something it could only do by raising output. Opec+ members are scheduled to start unwinding 2.2mn b/d of voluntary crude production cuts starting in April over an 18-month period — a decision taken in December. At the time the Opec ...
From breakingthenews.net|Feb 3, 2025Russian Deputy Prime Minister Alexander Novak said on Monday that Russia will increase oil production in April and also noted that the oil market situation is stable. The oil demand is rising, Novak stressed, with Moscow expecting to see an increase of 1.4 million barrels per day (Bpd) this year. Speaking about the potential effects of United States President Donald Trump's decision to impose tariffs on Canada, Mexico, and China, Novak emphasized the importance of achieving a "balance" between producers and consumers.
From opec.org|Feb 3, 2025The 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, 03 February 2025. The JMMC reviewed the crude oil production data for the months of November and December 2024 and noted the high overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion. The Committee welcomed the improved conformity of the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments. The meeting also welcomed renewed pledges by the overproducing countries to achieve full conformity and to resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes, for the period since Jan 2024, before the end of Feb 2025, as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC). The Committee emphasized the critical im post: OPEC JMMC meeting over ...here is the press release Most notable is "Committee replaced Rystad Energy and the Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources" pic.twitter.com/QfTW98r4nm
From @financialjuice|Feb 3, 2025post: OPEC+ TO REMOVE US GOVERNMENT’S EIA AND CONSULTANT RYSTAD AS SECONDARY SOURCES - SOURCES. post: OPEC+ JMMC TO NEXT MEET ON APRIL 5TH – SOURCE.
From @FirstSquawk|Feb 3, 2025post: OPEC+ JMMC MEETING TO MAKE NO RECOMMENDATION ON OIL OUTPUT POLICY, SOURCE SAYS post: RUSSIA’S DEPUTY PM NOVAK TELLS COMMITTEE OPEC+ SHOULD STICK TO POLICY - DELEGATE. post: RUSSIA’S DEPUTY PM NOVAK TELLS COMMITTEE OPEC+ SHOULD STICK TO POLICY - DELEGATE. post: OPEC+ COMMITTEE FOCUSES ON COMPLIANCE AND COMPENSATION - DELEGATE. post: OPEC+ COMMITTEE WON'T MAKE CHANGES TO OUTPUT POLICY: DELEGATES
- From argusmedia.com|Jan 31, 2025
A group of key Opec+ ministers will hold their bi-monthly meeting next week to discuss the state of the market and, for the first time in four years, they will do so with an expectant and highly vocal US president watching from afar. The meeting of the Joint Ministerial Monitoring Committee (JMMC) on Monday, 3 February, will be its first since eight Opec+ members, led by Saudi Arabia, opted in December to again delay the gradual return of 2.2mn b/d of production to the market, this time by three months to April. They also agreed to ...
| Released on Feb 3, 2025 |
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