OPEC+ members held an online joint ministerial monitoring committee meeting (JMMC) on 1/8/2024.
During the meeting, OPEC+ members agreed to keep oil output policy unchanged, as well as a plan to unwind some of their previously agreed production cuts starting this October.
However, since then, OPEC+ has lowered its oil demand forecast for the remainder of the year, due to Chinese demand lagging expectations.
The note provides a comprehensive overview of the following aspects:
- Abu Dhabi’s expectations for the OPEC+ October meeting
- MBZ stance on Saudi OPEC+ attitude
- MBZ views on UAE’s oil production quota
This note also sheds light on MBZ’s preferences between keeping the oil prices high and oil volumes offloaded.
