OPEC Sees No Need for Policy Change Proposal at Next Week’s Meeting

OPEC and the broader OPEC+ group do not see any need to propose a change to the current oil production policy when the Joint Ministerial Monitoring Committee (JMMC) meets next week, according to delegates, commodity analyst Giovanni Staunovo reported on Monday. OPEC+ members have collectively decided to voluntarily cut 2.2 million barrels per day (bpd) from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut. …