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With the Opec+ Joint Ministerial Monitoring Committee (JMCC) due to meet in Algiers in just over two weeks, participants’ production is under close scrutiny. Opec’s 15 members pumped at an 11-month high of 32.88mn b/d in August – including new member Congo – while key non-Opec member Russian output dipped incrementally but remained at 18-month highs.
The JMMC consists of Saudi Arabia, Russia, Algeria, Kuwait, Venezuela, Oman and the UAE. The 23 September meeting promises to be tense with non-member Iran’s oil minister Bijan Zanganeh set to attend as an observer. Iran argues that individual country allocations remain in force, rather than a group ceiling, and opposes Opec+ signatories producing above the individual allocations assigned in 2016.
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