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OPEC and its allies meet on Monday. 400K bbl/day to be added to output, but could be more.

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OPEC+ is The Organization of the Petroleum Exporting Countries and its allies (led by Russia)

Meetings today:

  • JMMC is scheduled to start at 1400 Vienna time (1200 GMT) 
  • The Ministerial meeting then follows at 1500 (1300 GMT)

JMMC is the Joint Ministerial Monitoring Committee. JMMC tracks the compliance of Opec+ members with their production quotas.

Back in July the group agreed to boost output by 400,000 barrels per day every month until at least April 2022. This is a gradual phase-out of cuts agreed to in 2020. 

Reuters reported last week that four OPEC+ sources told them producers were considering adding more than that 400K. There were no details given on how much extra, or when supply would increase. It’d be November at the earliest most likely given the cuts in October were confirmed at the previous OPEC+ meeting. 



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