As the world’s leading investment manager and financial market journalist, I am here to provide you with the most up-to-date information on OPEC+ key ministers meeting to decide output policy. Despite recent declines in oil prices, sources indicate that there will likely be no changes to the current deal to cut production and start unwinding some cuts from October.
Top ministers from OPEC and allies, including Russia, will convene online for a joint ministerial monitoring committee meeting on Thursday at 1000 GMT. According to five OPEC+ sources, the current plan is expected to remain unchanged.
Oil prices have dropped from a high of over $92 a barrel in April to around $81, driven by concerns about demand. However, tensions in the Middle East have provided some support this week.
Currently, OPEC+ is cutting output by 5.86 million barrels per day, equivalent to 5.7% of global demand, as part of agreements made since late 2022. In its last meeting in June, the group decided to extend cuts of 3.66 million barrels per day until the end of 2025 and to prolong the most recent 2.2 million barrels per day cut by eight members until the end of September 2024.
The current plan also outlines a gradual phase-out of the 2.2 million barrels per day cuts from October 2024 to September 2025. The JMMC, consisting of oil ministers from Saudi Arabia, Russia, and other major producers, typically meets every two months and can make recommendations to the wider OPEC+ group.
In conclusion, the decisions made at the OPEC+ meeting can have a significant impact on oil prices and the global economy. Investors and individuals should stay informed about these developments to make informed decisions about their finances and investments.