OPEC+ to hold monitoring meeting on February 1

LONDON - OPEC+ will hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) on February 1, a source told Reuters on Wednesday.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies led by Russia, usually holds such meetings every two months to monitor the implementation of its production agreements.

The meeting will be held virtually via video conference, the source said.

The JMMC brings together leading countries within the alliance, including Saudi Arabia, Russia and the United Arab Emirates.

At its last full ministerial meeting on November 30, OPEC+ agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) during the current quarter, led by Saudi Arabia rolling over its current voluntary cut.

OPEC stressed the group's unity in a statement earlier on Wednesday saying that cooperation and dialogue within the wider OPEC+ oil producer's alliance would continue, after OPEC member Angola last month announced it would leave the group.