Oil: OPEC/non-OPEC JMMC Meeting preview - Citi

Analysts at Citi out with their take on today’s OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) Meeting.

Key Quotes:

“Oil markets are persistently misunderstanding this Friday's meeting of the OPEC JMMC in Vienna, confusing it with an OPEC ministerial meeting and expecting decisions related to whether the producer group plus Russia and other non- OPEC countries will extend and/or deepen their output cuts.

Little could be further from reality.

The producers will be discussing scenarios to be considered at future meetings and the JMC will be doing what their name says: monitoring compliance.

Their task won't be a surprise since the findings have already been compiled by the JTC, which was able to see a drop in August OPEC output.”