Latest news with #JMMC
Express Tribune
a day ago
- Business
- Express Tribune
OPEC+ for compliance with output deals
An OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September. Ministers from the Joint Ministerial Monitoring Committee (JMMC), which includes top energy ministers from the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, convened online for brief talks. The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary. "The committee reiterated the critical importance of achieving full conformity and compensation," OPEC said in a statement after the meeting. Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction. The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18. Meanwhile, oil prices rose 2% on Monday after a trade deal between the US and the EU, and President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up $1.42, or 2.1%, at $69.86 a barrel by 1658 GMT, while US WTI crude rose $1.40, or 2.2%, to $66.56. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over Ukraine to 10-12 days. OPEC, in a post on X on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions".
Yahoo
a day ago
- Business
- Yahoo
Oil Prices Up 2.5% As OPEC+ Agrees To Maintain Production Levels
OPEC+ stuck to the script at Monday's Joint Ministerial Monitoring Committee (JMMC) meeting, offering no changes to current output policy and little surprise for market watchers. The virtual meeting—its 61st—reviewed production data from May and June and confirmed what most already suspected: while the group remains on track with its broad plans, not every member is keeping pace. The committee emphasized once again the 'critical importance' of full conformity with the agreed production levels, especially in light of the phased unwinding of 2.2 million bpd in voluntary cuts that began earlier this year. Countries that underdelivered on those pledges have until August 18 to submit updated compensation plans—essentially, promises to make up for past shortfalls. The JMMC also reiterated its role in monitoring output targets set at the 38th OPEC and non-OPEC Ministerial Meeting last December and the voluntary adjustments announced in February. Importantly, the committee stressed—again—that it doesn't actually make production decisions, a clarification aimed at tempering market expectations ahead of each meeting. The 548,000 bpd production increase scheduled for August still appears on track, though execution remains uneven. As noted ahead of the meeting, not all members have delivered their share of the increases to date, which has muted the market impact of these headline figures. OPEC's latest internal outlook shows steady demand through the second half of 2025 but warns of persistent risks—soft macro data, weaker-than-hoped Chinese momentum, and rising EV penetration, among others. So far, the strategy appears to be steady as she goes. The next JMMC meeting is set for October 1. Until then, traders will be watching for more signs of whether the promised barrels actually show up—or whether compliance issues will force another recalibration. By Julianne Geiger for More Top Reads From this article on Sign in to access your portfolio
Zawya
a day ago
- Business
- Zawya
OPEC+ panel stresses need for full compliance with output limits
An OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September. Ministers from the Joint Ministerial Monitoring Committee, which includes top energy ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, convened online for brief talks. The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary. "The committee reiterated the critical importance of achieving full conformity and compensation," OPEC said in a statement after the meeting. Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction. The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18. OPEC, in a post on X late on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions". 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. Eight members began to raise output in April and since then have accelerated the hikes. Their most recent decision calls for an oil output increase of 548,000 barrels per day in August. The eight countries hold a separate meeting on August 3 and remain likely to agree to a further 548,000 bpd increase for September, three OPEC+ sources said last week, as reported by Reuters earlier this month. This would mean that, by September, OPEC+ would have unwound its most recent production cut of 2.2 million bpd, and the United Arab Emirates would have delivered a 300,000 bpd quota increase ahead of schedule. 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 above $70 a barrel on Monday. (Reporting by Ahmad Ghaddar, Olesya Astakhova and Alex Lawler. Editing by Mark Potter)
Argaam
a day ago
- Business
- Argaam
OPEC+ panel reiterates call for adherence to production quotas
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) reiterated its call for member states to adhere to agreed production quotas in preparation for considering a further increase in supply. In a statement released Monday, the committee emphasized the importance of meeting output targets and requested that noncompliant nations provide the OPEC Secretariat with updated compensation plans by August 18. During its 61st meeting, which took place via videoconference, the JMMC reviewed the crude oil production data for the months of May and June 2025 and noted the overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC), also known as OPEC+. The committee's meeting comes ahead of a separate meeting of eight members of the alliance next Sunday to decide on a potential increase in oil production in September.
Reuters
a day ago
- Business
- Reuters
OPEC+ panel stresses need for full compliance with output limits
LONDON/MOSCOW, July 28 (Reuters) - An OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September. Ministers from the Joint Ministerial Monitoring Committee, which includes top energy ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, convened online for brief talks. The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary. "The committee reiterated the critical importance of achieving full conformity and compensation," OPEC said in a statement after the meeting. Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction. The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18. OPEC, in a post on X late on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions". 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. Eight members began to raise output in April and since then have accelerated the hikes. Their most recent decision calls for an oil output increase of 548,000 barrels per day in August. The eight countries hold a separate meeting on August 3 and remain likely to agree to a further 548,000 bpd increase for September, three OPEC+ sources said last week, as reported by Reuters earlier this month. This would mean that, by September, OPEC+ would have unwound its most recent production cut of 2.2 million bpd, and the United Arab Emirates would have delivered a 300,000 bpd quota increase ahead of schedule. 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 above $70 a barrel on Monday.
