Could mean that the main meeting will be pushed back
The OPEC+ JMMC monitoring committee meeting has been pushed back from tomorrow until Thursday at 1530 Vienna time.
That meeting usually sets the stage for OPEC itself and its recommendations often form the backbone of what OPEC does, or at least sets the negotiating parameters.
This time though it will be wedged in between the OPEC meeting and the OPEC+ meeting. This is the new schedule, according to Amena Bakr from Energy Intel.
- Opec meeting at 13:00 Vienna time
- JMMC at 15:30
- Opec plus meeting at 17:00
The lack of time between them sounds to me like everything is decided. The leak last week was a 500k bpd increase in August. I would expect upside risks but OPEC might want to play it safe and keep supply tight until there is some clarity on Iran’s barrels.