OPEC+ Panel Meeting Overview

By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler

MOSCOW/LONDON (Reuters) – An OPEC+ panel is unlikely this week to make any changes to its current deal to cut production and to start unwinding some cuts from October, despite recent sharp declines in oil prices, five sources from the producer group told Reuters.

Top ministers from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday at 10:00 GMT.

“I think it is unlikely that we will see a new change or development in Thursday’s meeting, especially to limit more OPEC+ production,” one source said, declining to be identified.

Oil has fallen about 9% this month, trading below $80 a barrel on Tuesday, due to waning geopolitical risks and concerns about Chinese demand.

The Saudi government’s communications office did not immediately return a request for comment, nor did OPEC’s headquarters in Vienna.

Currently, OPEC+ is cutting output by a total of 5.86 million barrels per day (bpd), about 5.7% of global demand, in a series of steps agreed since late 2022.

At its last meeting in June, the group agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and prolong the most recent 2.2 million bpd cut by eight members by three months until the end of September 2024.

OPEC+ plans to gradually phase out the cuts of 2.2 million bpd from October 2024 to September 2025.

The JMMC, which includes oil ministers from Saudi Arabia, Russia, and other leading producers, typically meets every two months and can recommend policy changes.