As the dust settles from last week’s series of meetings between the Opec+ contingent, it is increasingly evident that a cohort of major producers have effectively staged a coup. The Joint Ministerial Monitoring Committee (JMMC) currently holds the reins of power in the grouping.
The JMMC was expanded in November 2017 to officially include Saudi Arabia, which also shares chairmanship with Russia. The other members are Venezuela, Algeria, Kuwait and the UAE alongside non-Opec member Oman. As Saudi Energy Minister Khalid al-Falih said following the 23 June non-Opec meeting, “it just so happens… with the exception of Venezuela all of the other [JMMC] countries hold most of the spare capacity today.” (CONTINUED - 1138 WORDS)
