OPEC and non-OPEC producers’ Joint Technical Committee (JTC) didn’t make any recommendations for a further extension of the current oil output cuts, Reuters reported on Wednesday, citing OPEC+ sources.
“Iraq is expected to present its plan for oil production cuts and compensation for overproduction to OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting on Thursday,” sources further told Reuters. Kazakhstan is also expected to present its plan for oil production reductions at the same meeting.
Market reaction
The barrel of West Texas Intermediate, which rose above $38 earlier in the session, edged lower on this headline and was last seen losing 0.2% on the day at $37.85.
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