OPEC+ is delaying its two technical meetings scheduled for Monday and Tuesday by 48 hours:
- OPEC’s Joint Technical Committee and the Joint Ministerial Monitoring Committee (JTC and JMMC respectively), will now meet on Wednesday and Thursday (1 and 2 December).
This is in order to allow more time to assess the market in light of the new COVID-19 variant concerns.
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- The JTC’s role is to make an assessment of energy markets, the supply and demand balance, for OPEC ministers to consider when making cartel policy.
- JMMC tracks the compliance of Opec+ members with their production quotas.