Oil traders heads up for the OPEC+ (monitoring) meeting coming up today

There is an OPEC+ meeting scheduled for Wednesday, 3 April 2024:

• Joint OPEC/non-OPEC Ministerial Monitoring Committee (JMMC) meeting

It’ll be an online meeting, beginning at 1pm Vienna time:

• 1100 GMT
• 0700 US Eastern time

The background to this is that last month OPEC+ members agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the price of oil.

Mission accomplished would be a good summary with oil up again today.

There is no expectation of any new measures to be announced from this meeting. The JMMC is, as the name suggest, has a monitoring function. It can, and does, make recommendations for consideration at full ministerial meetings. The next OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna.

This article was written by Eamonn Sheridan at www.forexlive.com.