OPEC+ Meeting to Discuss Oil Output Cuts From August

OPEC+ (OPEC and allies) is holding a Joint Ministerial Monitoring Committee (JMMC) meeting on Wednesday to decide oil output policy from August.

The meeting will focus on easing output cuts to 7.7M bpd until December. This comes amid the slow recovery in the global economy that was hit by the COVID-19 pandemic.

 There were no recommendations on prolonging record cuts of 9.7M bpd into August, Reuters reported, citing OPEC+ sources.

The organization has been cutting output since May by 9.7 million barrels per day, or 10% of global supply.

The barrel of West Texas Intermediate (WTI) is gaining 1.25% and trading at 40.90 dollar.