The Joint Ministerial Monitoring Committee (JMMC) of Opec+ will hold its first meeting of the year on 1 February. The body will discuss the outlook for oil markets and whether it should recommend that Opec+ needs to adjust its production cuts which are currently slated to run to the end of the year. Sources tell MEES that changes are unlikely to be recommended. Market participants are uncertain of how large an impact the upcoming 5 February European embargo on Russian refined oil products will have (MEES, 27 January). Meanwhile on the demand side, more data on how China’s economy re-opens from its zero-Covid policy is desired.