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Key Opec+ panel gives no clues on plan to unwind cut
The ministerial committee that oversees compliance with Opec+ oil production policy made no recommendations for the group to change course at its virtual meeting today. But crucially, the committee also gave no hints as to whether a gradual unwinding of up to 2.2mn b/d of supply reductions will start in October as planned. The Joint Ministerial Monitoring Committee (JMMC), which now meets every two months to oversee compliance with crude output pledges and study market dynamics, gave little away about its view of current supply and demand balances or where it sees the market through to the end of the year. The ... (full story)