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.
The summary is available to signed-in readers.
