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WorldPosted at: Nov 17 2020 12:36PM


OPEC+ Ministerial Committee to discuss compliance with oil cuts on Tuesday

Moscow, Nov 17 (Sputnik) The OPEC+ Joint Ministerial Monitoring Committee (JMMC) will convene on Tuesday to discuss compliance with the oil cuts agreement and the situation in the energy market as the oil prices have slightly gone up in light of a better-than-expected economic performance of China and Japan.
On Monday, the price of Brent’s December futures increased by 1.7 percentage points, while WTI futures rose in price by almost 2 p.p as both China and Japan reported economic growth despite the impact of the COVID-19 pandemic.
The meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) would largely be devoted to oil cuts introduced back in April to stabilize the energy market. The nations are currently slashing 7.7 million barrels a day collectively until December 31. After that, the oil producers plan to ease the cuts to 5.8 mbd.
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