The Opec+ Joint Ministerial Monitoring Committee (JMMC) held its latest meeting on 1 February. As expected, no notable pronouncements came from the meeting, and market focus now switches entirely to a decision on the voluntary cuts agreed on during the November ministerial meeting (MEES, 1 December). The JMMC next meets on 3 April, but a decision on whether to extend the voluntary cuts in full beyond Q1 will have to be made by early-March. If there is to be no extension, then the participating countries will still have to decide on the pace at which the cuts will be gradually removed.