Convened for April in Vienna, the meeting between the members of Opec and their allies should be postponed for June this year, following advice from the Joint Ministerial Monitoring Committee (JMMC). The decision will keep the cuts in oil production from the Countries until December.
According to the JMMC, it is unlikely that market sheds will have great changes for the next two months, so the suggestion is to postpone the meeting. The Saudi Minister declared agreement with the Committee, however, he pointed out that the JMMC has no authority to cancel the cartel meetings. The confirmation of the date must be officially informed shortly by the representatives of Opec.
The cuts in production were initiated in November 2016 with the aim of reducing the supply of oil in the market in order to value commodity prices. The first agreement between members and allied countries was to reduce the production level of 33.6 million barrels daily to 32.5 million-falling by 3.27%. In January of this year, OPEC members estimated that the level of compliance of the cut-off plan is 80%.
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