OPEC+ JMMC Meeting to Review Easing Output Curbs

OPEC+ is meeting on 19 August to assess its supply deal as the world struggles to control the coronavirus spread that has a damaging effect on economies and fuel demand globally.

The Joint Ministerial Monitoring Committee (JMMC) will gather on Wednesday to assess the compliance issue of the organization and its allies, with the group crude supply coming back to the market after oil production curbs.

OPEC+ will seek high compliance, and reports are suggesting that OPEC+ sees near 95% compliance to its production cuts in July.

Oil fell below $42 a barrel as the demand for oil diminished amid renewed US-China tensions.