The OPEC+ Joint Ministerial Monitoring Committee (JMMC), which reviews the oil market, will meet every two months, instead of monthly.

OPEC+ said it will no longer hold monthly meetings and instead meet every six months, though its next gathering is set for Dec. President Joe Biden said he is “disappointed by the shortsighted decision” to cut production quotas while the global economy is dealing with the continued negative impact of Russian President Vladimir Putin’s invasion of Ukraine. The Organization of the Petroleum Exporting Countries and their allies, referred to as OPEC+, said the cut would begin in November and that the downward adjustment would be based on the August 2022 required production levels. Capital Economics estimates that the decision will result in a cut of just over 1 million barrels per day, or about 1% of global supply, she said. “Given that the group has been producing significantly below its quota, the decline in physical supply will be much less, though still significant,” Caroline Bain, chief commodities economist at Capital Economics, wrote in a report issued after the OPEC+ decision. Biden Is Iced Out.īased on front-month prices, both Brent and WTI settled at their highest prices since mid-September. Crude Oil and Fuel Stockpiles Decline for Second Straight Week Energy Stocks Gain After the Oil Cartel Makes Announcement.

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