The JMMC meeting will take place at 1100 GMT with the OPEC+ ministerial meeting scheduled for 1130 GMT (or right after the JMMC meeting ends). There should be no changes to production quotas but be wary of the potential for output cuts, if anything else. Saudi Arabia has already begun talking up the prospects of that recently and we could see a small and gradual push towards that by OPEC+ moving forward.
Last month, the bloc delivered a symbolic gesture by increasing output by 100k bpd. They might very well pull that back in yet another symbolic gesture that they are now going to switch to the other direction. If so, that will be bullish for oil prices.
