OPEC+ panel meeting next week will advise on policy, not decide: Sources

LONDON/MOSCOW: An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend the agreement further.

OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July. The reduction has helped oil prices to more than double since April.

To step up consultations on the effectiveness of the agreement, OPEC+ also agreed that a panel called the Joint Ministerial Monitoring Committee or JMMC, will meet monthly until the end of 2020. Its first such meeting is on Thursday next week.