OPEC+ JMMC to meet Tuesday, no decision yet on ministerial meeting

London (Quantum Commodity Intelligence) – This week's scheduled meeting of the Opec+ Joint Ministerial Monitoring Committee (JMMC) has been switched to today (Tuesday) having originally been scheduled for Wednesday, according to several media reports.

The JMMC typically reviews overall market fundamentals, including the supply/demand balances, inventories and OPEC+ compliance matters, but is expected to focus heavily on India at today's meeting.

he coronavirus wave sweeping across India is expected to reduce oil transportation fuels by at least 500,000 barrels per day during May, at a time when OPEC+ is planning to increase output

OPEC+ is due to hold a ministerial meeting on Wednesday, but that has been in doubt for the past week -- and expected to be deferred if the JMMC meeting recommends moving ahead with the agreed production hikes.

At the early April meeting, the producer group agreed to gradual increase adding another 2 million bpd between May and July.

Output would increase by 350,000 b/d in May, 350,000 b/d in June, and 440,000 b/d in July.

Saudi Arabia also plans to start unwinding its additional voluntary cut of 1 million bpd.