OPEC+ Committee meeting is scheduled for next week - no change recommendation is expected

OPEC's Joint Ministerial Monitoring Committee (JMMC) meets on April 3 2023.

At the previous JMMC meeting, which took place online on February 1, the Committee reaffirmed its commitment to the cut to overall production by two million barrels per day. A no-change recommendation is widely expected at next week's meeting.

The JMMC is an advisory committee, it won't make changes to output levels itself. That requires a full OPEC+ meeting, which is is not scheduled until June. Of course, its always possible that output levels can be changed between meetings but its not expected following the JMMC April 3 meeting.

Earlier posts on energy today:

• ICYMI - Barclays highlights supply issue implying upside risk to its $92 Brent forecast
• ICYMI - EU energy ministers agree to extend gas demand cuts by a year
• Private oil survey data shows huge crude oil inventory headline draw