Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, plan to convene their first Joint Ministerial Monitoring Committee (JMMC) of 2024 in early February, although the specific date has not yet been determined, according to three sources within the alliance.
These meetings, held every two months, serve to monitor the implementation of production agreements.
The JMMC includes key countries such as Saudi Arabia, Russia, and the United Arab Emirates (UAE).
In its last full ministerial meeting on November 30, OPEC agreed to voluntary output cuts of approximately 2.2 million barrels per day (bpd) for the current quarter, with Saudi Arabia extending its existing voluntary cut.
The upcoming February meeting will assess the deal’s implementation in January. Angola recently announced its departure from OPEC, citing a focus on membership status rather than serving the group’s business interests.
If Angola follows through with its exit in January 2024, it will be the third country to leave OPEC, following Ecuador in 2020 and Qatar in 2019.
Reports suggest that the decision is influenced by disagreements with Saudi Arabia, which is perceived to be out of touch with global corporate, financial, and political developments.