OPEC and its allies aim to hold their next ministerial monitoring committee meeting, known as the JMMC, in the Saudi Arabian city of Jeddah on May 19, two sources said.
The JMMC meeting this month reached a conclusion that there was no need for a meeting in April to take place as OPEC+ members will only make a decision on further production cuts mid-way through the year. Hence, the next JMMC meeting will be scheduled for May while the OPEC+ meeting thereafter to finalise the decision will take place in June.
Saudi Arabia and Russia are members of the JMMC, which includes other major oil producers who took part in a global supply cut agreement last year, including Iraq, the United Arab Emirates, Kuwait, Nigeria and Kazakhstan, Reuters recalls.
