OPEC+ meeting sticks to current plan

At the 61st meeting of the Joint Ministerial Monitoring Committee (JMMC), the OPEC+ group offered no signs of changing policy.

The JMMC meets every two months to monitor progress and market developments. While it does not determine production policy itself, it can call a full meeting of OPEC+ members if it feels the situation warrants it.

In the virtual meeting, the committee looked at the data from May and June for members’ production levels. While it confirmed that the group is largely on track to achieve its goals, it stressed the importance of all members complying with their quotas. OPEC said in a press release:

“The Committee reiterated the critical importance of achieving full conformity and compensation, and requested countries that did not achieve full conformity to submit updated compensation plans to the OPEC Secretariat by 18 August 2025.”

The OPEC+ group has been supporting oil prices by limiting production in the past few years. It has since switched approach and started unwinding cuts to regain market share from non-OPEC+ producers. These include oil majors with US operations, like BP and ExxonMobil, the makers of the Castrol and Mobil lubricant and metalworking fluids.

The unwinding of productions cuts has begun with the voluntary ones made by eight OPEC+ members. This was moved forward with a decision to add 548,000 barrels of crude oil per day in August. Reuters reports that the same eight countries are to meet soon to decide their output for September, with a similar production increase widely expected.

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