OPEC+ JMMC makes no output policy recommendations.

OPEC+ JMMC makes no output policy recommendations.

OPEC+ ministers are set to gather online on Wednesday to review production quotas for the year and next, before the eight core members decide on July output levels at the weekend. The Joint Ministerial Monitoring Committee (JMMC) meeting comes amid speculation that the group may increase production again, following recent hikes in May and June [2].

The JMMC meeting will focus on reviewing quota compliance, assessing market trends, and addressing internal matters. However, the key discussion will take place in a separate video conference on Saturday, where the eight core members will decide on July's output levels. Several delegates have indicated that they expect the group to maintain the current accelerated pace of increases, which could lead to another 411,000 barrels per day (bpd) hike [1].

The recent production increases have been attributed to stronger oil demand over the summer and a desire to penalize overproducing members like Iraq and Kazakhstan [1]. Despite the hikes, oil prices have remained relatively stable, hovering around $60-$65 per barrel [2]. However, market expectations are building for another increase in July, which could further impact prices [1].

The upcoming meetings underscore the shifting dynamics within OPEC+. While the full 22-nation alliance still holds ordinary meetings, actual supply adjustments are now primarily carried out by a sub-group of eight countries led by Saudi Arabia and Russia [4]. This shift reflects the group's evolving strategy, which has been influenced by geopolitical pressures and internal discipline enforcement [3].

The outcome of the JMMC meeting and the subsequent decision on July output levels will be closely watched by investors and financial professionals. The group's ability to balance production and market stability will be a key factor in determining the next chapter in oil market dynamics.

References:
[1] https://www.argusmedia.com/en/news-and-insights/latest-market-news/2693003-opec-eight-move-july-output-meeting-to-31-may
[2] https://www.channelstv.com/2025/05/28/opec-meets-as-market-fears-output-hike/
[3] https://economictimes.indiatimes.com/markets/stocks/news/the-opec-dilemma-balancing-production-and-market-stability/slideshow/121405840.cms?from=mdr
[4] https://financialpost.com/pmn/business-pmn/opec-gathers-for-quota-review-before-decision-on-july-output