OPEC+ ministers to discuss market fundamentals today

Ministers from OPEC+ countries are due to hold a virtual meeting on market fundamentals at 11:00 GMT on Feb. 1.

The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted.

OPEC+ agreed in October to cut its production target by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.

The JMMC meeting had been due to follow a meeting of the OPEC+ joint technical committee (JTC) on Jan. 31. This has now been cancelled. The JTC was cancelled because there is nothing new to discuss, sources said.