Overnight news that raised a few eyebrows (and dumped a bit of oil price ... it bounced back):There is not much around as to the 'why' the JTC meeting
Overnight news that raised a few eyebrows (and dumped a bit of oil price … it bounced back):
There is not much around as to the ‘why’ the JTC meeting was cancelled. Reuters says:
- One of the sources said the decision to scrap the JTC meeting came from the JMMC, without elaborating.
The JMMC is OPEC’s Joint Ministerial Monitoring Committee (JMMC)
- JMMC tracks the compliance of Opec+ members with their production quotas
What about the JTC? OPEC’s Joint Technical Committee (JTC) role is to make an assessment of energy markets, i.e. the supply and demand balance, for OPEC ministers to consider when making cartel policy.
Why would the JTC meeting be canned? Maybe OPEC have enough info already on the supply / demand balance? Or maybe that’s not an issue for the oil ministers in making the decision (due Wednesday)?
Comments welcome, what do you think?
Other oil posts of relevance to the OPEC+ meeting:
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