OPEC+ panel likely to keep oil policy steady on Monday

LONDON/MOSCOW: An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.

The meeting of the Joint Ministerial Monitoring Committee (JMMC), which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, is scheduled for 1200 GMT on Monday.

Four OPEC+ sources told Reuters the meeting is unlikely to alter the group’s existing policy, which calls for eight members to raise output by 548,000 barrels per day in August. Another source said it was too early to say.

OPEC and the Saudi government communications office did not respond to a request for comment.

OPEC+, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more to help keep a lid on gasoline prices.

The eight OPEC+ producers hold a separate meeting on August 3 and remain likely to agree to a further 548,000 bpd increase for September, three of the sources said, as reported by Reuters earlier this month.

OPEC trims oil demand for next four years

This would mean that, by September, OPEC+ will have unwound their most recent production cut of 2.2 million bpd, and the United Arab Emirates will have delivered a 300,000 bpd quota increase ahead of schedule.

The JMMC meets every two months and can recommend changes to OPEC+ output policy.

Oil prices have remained supported despite the OPEC+ increases thanks to summer demand and the fact that some members have not raised production as much as the headline quota hikes have called for. Brent crude was trading close to $70 a barrel on Friday.