OPEC+ unlikely to decide oil policy on Feb 1: Report

OPEC+ will likely decide its oil production levels for April and beyond in the coming weeks, Reuters reported, citing OPEC+ sources.

A meeting of the Joint Ministerial Monitoring Committee (JMMC) next Thursday would take place too early to take decisions on further output policy.

Leading ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, will meet online.

The JMMC can call for a full OPEC+ meeting or make recommendations on policy.

The committee would probably not make any changes to existing policy during the meeting. One of them added the meeting would mainly discuss the group's production levels.

The source added that a decision on whether or not to extend a portion of the group's voluntary oil output cuts into April would likely come at the end of February, while another said the decision's timing was not yet clear.

The JMMC usually meets every two months and brings together leading countries within the alliance, including Saudi Arabia, the UAE and Russia.