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Wednesday 13 May 2020

OPEC+ Monitoring Committee on June 8

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MOSCOW (TASS) — The Joint Ministerial Monitoring Committee (JMMC) meeting will be held on June 8, 2020, most probably in a video format, while ministerial meetings of OPEC and non-OPEC states will be held on June 9 and 10 as planned, sources in delegations told TASS.

One of the sources said: “The JMMC meeting will be held on June 8, whereas the technical committee (JTC) will take place earlier - on June 4.” He added that OPEC would hold a meeting of the economic council at the secretariat on June 2-3. All meetings are planned in a video format, he noted.

Another source said that ministerial meetings of OPEC and non-OPEC countries, which usually consider recommendations of the monitoring committee, would be held on June 9 and 10 as planned, adding most probably they will be held online.

The agenda of the upcoming meetings is unknown so far. The agreement made by OPEC+ states on April 12 will remain in force for two years — by the end of April 2022. However, the monitoring committee traditionally considers the current results of the crude production cut deal’s compliance. Meanwhile, this time the cuts are unprecedented — by almost 10 mln barrels per day in May-June. Observers suggest that not all countries will be able to reach the targets. Particularly, Iraq, Nigeria and Angola may face difficulties.

Russia reduced oil and condensate production in early May to 9.5 mln barrels per day from 11.5 mln in April, according to the figures provided by the Central Dispatching Department of Fuel Energy Complex. According to the agreements, Russia’s production, same as Saudi’s, should be slashed to 8.5 mln barrels per day excluding gas condensate. However, the volume of condensate output has not been officially revealed.

The OPEC+ deal on crude output reduction by 9.7 mln barrels per day in May-June came into force on May 1. Russia and Saudi Arabia will reduce production on equal terms by 2.5 mln barrels per day from the basic level of 11 mln barrels per day. The agreement itself will remain in force for two years, though already 7.7 mln barrels per day will be slashed in the period from July to December 2020, and 5.8 mln barrels per day from January 2021 to end-April 2022. The parameters of the deal may be reconsidered in December 2021.

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