OPEC+ committee recommends no change in oil output policy

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) confirmed oil production agreements reached at the meeting in January and made no recommendation on a change in the OPEC+ policy, OPEC said in the final communique posted on its website.

The OPEC+ Joint Ministerial Monitoring Committee, which tracks the alliance’s compliance with its output quota, convened digitally on Wednesday. The second OPEC+ technical group, the Joint Technical Committee that studies market fundamentals, canceled a virtual meeting originally scheduled for Jan. 31, according to a delegate. 

"The Committee reviewed the crude oil production data for the months of November and December 2022 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC)," OPEC informed.

Neither committee can outright decide OPEC+ production policy, but the JMMC can recommend plans for the review of coalition ministers.

The next meeting of the Monitoring Committee will be held on April 3. The ministerial meeting of the OPEC+ is scheduled for June 4.