The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) is not planning to give any recommendations on Sunday for the June ministerial meeting on the output volume, and will only assess the current market situation, Kazakh Deputy Energy Minister Magzum Mirzagaliyev told reporters.
“The format does not envisage making any recommendations. At the JMMC we will just discuss the market situation. On this basis in June some decisions will be made. We will carry out an analysis and study the situation on the market and later in June the decision will be made,” the deputy minister said on the sidelines of the meeting.
The ministerial meeting in late June will focus on the oil reserves, Mirzagaliyev said. “In my view, the key issue will be not about how much OPEC+ countries produce, but about the level of reserves. We thought that the reserves would decrease. And we see that actually this is happening not that actively. That’s why I think in the coming month we need to monitor this,” he said.
The ministerial meeting of the OPEC+ monitoring committee in the Saudi city of Jeddah will be held on Sunday. Eight countries are members of the ministerial monitoring committee: Saudi Arabia, Russia, Kuwait, Algeria, Venezuela, as well as the recently invited United Arab Emirates, Kazakhstan and Iraq. Russia and Saudi Arabia co-chair the committee. After the meeting the ministers will announce the results of the implementation of the Vienna deal on cutting the output. A source earlier told TASS that in April the deal had been fulfilled at 168%.