Saudi Arabia wants quitting role as co-chair of OPEC+ JMMC

Saudi Arabia wants to give up the post of co-chair of the OPEC+ Ministerial monitoring Committee (JMMC), which it holds together with Russia, Report says, citing Bloomberg.

At the same time, the Agency notes that the UAE refused to move to this chair. After the conclusion of an unprecedented deal to reduce oil production by OPEC+ countries by 9.7 million b/d, the JMMC meets every month, monitors the deal’s execution by all its participants, monitors the market situation, and makes recommendations to all other Ministers on possible actions to balance the market.

Currently, the committee includes 14 countries, except for Russia and Saudi Arabia – the UAE, Kuwait, Iraq, Venezuela, Kazakhstan, and others. Russia is leading the deal for an agreed oil production cut by non-OPEC countries as the largest producer, and Saudi Arabia is leading the OPEC alliance. The first reduction deal was achieved thanks to high-level agreements between Russia and Saudi Arabia.