The Organisation of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, are set to hold their first Joint Ministerial Monitoring Committee (JMMC) of the year 2024 in early February. The exact date has not been determined.
OPEC and its allies typically hold such meetings every two months to monitor compliance with their production agreements.
The petroleum monitoring and regulating organisation brings together leading countries in the alliance, including Saudi Arabia, Russia, and the United Arab Emirates (UAE).
OPEC agreed to voluntary output cuts totaling approximately 2.2 million barrels per day (bpd) during the current quarter at its last full ministerial meeting on November 30, 2023, led by Saudi Arabia rolling over its current voluntary cut.
The February meeting is expected to evaluate and access the deal’s implementation in January.
OPEC was recently in the news after its strategic member, Angola, quit the organisation because it felt the organisation focused largely on the membership status of OPEC rather than serving the business interests of the group. Should Angola leave OPEC with effect from January 2024, as announced, the country will be the third after Ecuador, which exited in 2020, and Qatar in 2019.
Several reports indicated that Angola is bidding goodbye to the organisation after serious clashes with Saudi Arabia.
Reports pointed to the fact that Saudi Arabia has largely failed to keep abreast of significant corporate, financial and political developments around the world.
