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05
May
2022

JMMC recommends keeping to plan to raise oil output 432,000 bpd in June – sources

MOSCOW. May 5 (Interfax) – The OPEC+ Joint Ministerial Monitoring Committee (JMMC) is recommending that the alliance keep to its plan to raise the June oil production quota by 432,000 barrels per day, sources with knowledge of the meeting’s outcome told Interfax.

Despite a smooth increase in quotas since August 2021, OPEC+ countries cannot reach the level of oil production permitted by the quotas. OPEC+ countries fell 1.45 million bpd short the established production quotas in March.

The full OPEC+ ministerial meeting was due to begin at 2:30 p.m. Moscow time.