Opec+ JTC meeting postponed to 17 June

The Joint Technical Committee (JTC) that studies market conditions on behalf of the Opec+ alliance will next adjourn on 17 June, in a further reshuffle of the group's meeting schedule for this month, according to four Opec delegates.

One of the sources said that the Joint Ministerial Monitoring Committee (JMMC) — which tracks the compliance of Opec+ members with their production quotas — could assemble on 18 June. The JMMC has historically met the day after the JTC.

It is not clear what the postponement of the JTC online conference means for the timeline of the upcoming Opec and Opec+ meetings. The JTC and JMMC meetings typically precede and inform the ministerial assemblies.

Over the weekend, Opec presidency holder Algeria had suggested bringing forward the Opec+ talks to 4 June from their initial schedule of 9-10 June. But the proposal was not agreed in time to hold an assembly today.

Opec+ de facto leaders Russia and Saudi Arabia back an extension of current output quotas until the end of July, according to an Opec delegate. Another Opec source said the ministerial meetings are unlikely to take place until members have studied May compliance during the JMMC conference.

By Ruxandra Iordache and Nader Itayim