Oil – On the agenda Monday and Tuesday: OPEC, OPEC+ meetings

On Monday 31 May 2021 OPEC’s Joint Technical Committee (JTC)
meeting will begin at 1300 Vienna time

The JTC’s role is to make an assessment of energy markets, the supply and demand balance, for OPEC ministers to consider when making cartel policy.

On Tuesday 1 June OPEC’s Joint Ministerial Monitoring Committee (JMMC) convenes for its meeting.

• JMMC tracks the compliance of Opec+ members with their production quotas 

Following on from the JMMC meeting is the “OPEC plus” ministerial meeting, expected to begin at 1430 Vienna time

Expectations centre on no change to output, expected to stick with it previously agreed production schedule. As has been the case at recent meetings though there is tension between the goals of Russia and Saudi Arabia:

• Russia wants a more rapid increase in production 
• The Saudi’s, on the other hand, favour holding output steady to support prices, citing COVID still impacting on the Indian economy and the return of Iranian oil to the market later this year.

Its never wise to completely rule out a surprise result from this meeting. 

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