<article><p class="lead">The Opec+ Joint Ministerial Monitoring Committee (JMMC) ended its meeting today without an immediate policy recommendation over how the group should proceed with its crude output cuts, Opec+ sources said. Recommendations will be provided to Opec+ ministers at their upcoming meeting on 1 December, according to an Opec statement. </p><p>The JMMC considered a number of supply and demand scenarios for the coming year, including ones that envisage the group extending its current output cuts by three months and by six months.</p><p>The base case scenario — which involves Opec+ sticking to its original plan to raise collective output by almost 2mn b/d in January — sees commercial oil stocks declining but remaining more than 125mn bl above the five-year average by the end of 2021. </p><p>An alternative scenario — in which the cuts are kept at current levels for the first three months of next year — sees stocks move down to 73mn bl above the five year-average by the end of next year. The scenario in which cuts are extended for six months leaves inventories 21mn bl above the five-year average by the end of 2021. </p><p>Ahead of the JMMC meeting, Opec+ ministers <a href="https://direct.argusmedia.com/newsandanalysis/article/2160662">struck a cautious tone</a>, warning that the coalition faces a "long and bumpy road ahead" despite growing optimism over potential Covid-19 vaccines.</p><p class="bylines">By Adal Mirza, Ruxandra Iordache and Nader Itayim</p></article>
