Next OPEC+ meeting on Oct 2, voluntary oil cuts could be reversed - press release

MOSCOW. Aug 1 (Interfax) - The next meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ countries is scheduled for October 2, the OPEC Secretariat said following Thursday's JMMC meeting.

Sources had said recommendations to change policy in oil production should not be expected at the August 1 meeting.

OPEC said in a press release that during Thursday's meeting, member countries that participated in the June meeting reiterated that the gradual phase-out of the voluntary reduction of oil production could be paused or reversed, depending on prevailing market conditions. These countries had announced the extension of the voluntary reduction of oil production by 2.2 million barrels per day and outlined plans for this reduction to be gradually phased out by approximately 180,000-200,000 barrels per month starting in October.

Countries that have not been complying with their commitments gave assurances that they would achieve full conformity as submitted compensation schedules.