Jul 28, 2025
The OPEC+ committee is expected to maintain its oil policy on Monday.
An OPEC+ committee is expected to maintain its current plans to increase oil production during its meeting on Monday, according to four OPEC+ delegates, who highlighted the group's intention to regain market share amidst rising summer demand.
The Joint Ministerial Monitoring Committee (JMMC), consisting of key ministers from OPEC and allies like Russia, will convene at 1200 GMT on Monday. Four sources indicated to Reuters that the committee is unlikely to change the existing policy, which stipulates an increase of 548,000 barrels per day (bpd) for eight members in August. One source mentioned that it is premature to make any conclusions.
OPEC and the Saudi government communications office did not reply to requests for comment.
OPEC+, responsible for about half of the global oil supply, has been limiting production for several years to stabilize the market but shifted its strategy this year to reclaim market share, partly in response to pressure from U.S. President Donald Trump to increase output to control gasoline prices.
The eight OPEC+ producers are also set to meet separately on August 3, with three sources indicating they are likely to agree to another increase of 548,000 bpd for September, as previously reported by Reuters.
This would mean that by September, OPEC+ will have fully reversed its most recent production cut of 2.2 million bpd, and the United Arab Emirates will have implemented a 300,000 bpd quota increase earlier than planned.
The JMMC meets every two months and can suggest adjustments to OPEC+ output policy.
Despite these increases, oil prices have remained stable due to summer demand and the fact that some members have not fully met their production targets. Brent crude was trading near $70 a barrel on Friday.
The Joint Ministerial Monitoring Committee (JMMC), consisting of key ministers from OPEC and allies like Russia, will convene at 1200 GMT on Monday. Four sources indicated to Reuters that the committee is unlikely to change the existing policy, which stipulates an increase of 548,000 barrels per day (bpd) for eight members in August. One source mentioned that it is premature to make any conclusions.
OPEC and the Saudi government communications office did not reply to requests for comment.
OPEC+, responsible for about half of the global oil supply, has been limiting production for several years to stabilize the market but shifted its strategy this year to reclaim market share, partly in response to pressure from U.S. President Donald Trump to increase output to control gasoline prices.
The eight OPEC+ producers are also set to meet separately on August 3, with three sources indicating they are likely to agree to another increase of 548,000 bpd for September, as previously reported by Reuters.
This would mean that by September, OPEC+ will have fully reversed its most recent production cut of 2.2 million bpd, and the United Arab Emirates will have implemented a 300,000 bpd quota increase earlier than planned.
The JMMC meets every two months and can suggest adjustments to OPEC+ output policy.
Despite these increases, oil prices have remained stable due to summer demand and the fact that some members have not fully met their production targets. Brent crude was trading near $70 a barrel on Friday.