OPEC+ Meeting: Impact on Oil Price and Markets

Tuesday, 2 April 2024, 21:26

The OPEC+ meeting is set for today with a focus on monitoring oil output. Last month's agreement on output cuts is likely to support oil prices. No new measures are expected, as the meeting primarily serves a monitoring role. Stay tuned for updates from the next Ministerial Meeting in June 2024.
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OPEC+ Meeting: Impact on Oil Price and Markets

OPEC+ Meeting Overview

There is an OPEC+ meeting scheduled for Wednesday, 3 April 2024:Joint OPEC/non-OPEC Ministerial Monitoring Committee (JMMC) meeting. It'll be an online meeting, beginning at 1pm Vienna time:1100 GMT0700 US Eastern time.

Background and Analysis

Last month OPEC+ members agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the price of oil. Mission accomplished would be a good summary with oil up again today.

Expectations and Outcomes

There is no expectation of any new measures to be announced from this meeting. The JMMC is, as the name suggests, has a monitoring function. It can, and does, make recommendations for consideration at full ministerial meetings. The next OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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