MOSCOW (Pakistan Point News / Sputnik - 31st March, 2021) A meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on the volume of oil cuts for May is over, sources in the JMMC delegations told Sputnik on Wednesday, adding that the final decision could be announced on Thursday.
The delegates were expected to oversee compliance of OPEC+ participants with the oil production quotas. The committee was also supposed to revise how the underperforming countries were offsetting their production shortcomings from the previous months.
The sources did not confirm whether the committee made a recommendation on the deal. At the same time, one of them said that the meeting allegedly ended without results, and the Saudi Arabian energy minister did not look "very happy."
At the OPEC Ministerial Meeting on Thursday, the volume of oil production cuts for May is expected dominate the agenda. It remains to be seen whether the alliance of oil producers will ease the output quotas or further extend the current level of production cuts, which in March stood at 7.05 million barrels a day (mbd) and in April will ease to 6.9 mbd due to a slight increase in oil production granted only to Russia and Kazakhstan.
Saudi Arabia may also announce whether it will extend its additional voluntary oil production cut of 1 mbd, which it has been contributing since February. A source in one of the OPEC+ delegations told Sputnik that most OPEC+ nations had confirmed readiness to extend the current terms of the deal for May, while Riyadh remains committed to continuing its voluntary oil production cuts over worries of uncertainties in oil demand.
