OPEC+ Maintains Output Policy Plans for the Year

OPEC+ members do not anticipate adjustments to supply levels for the remainder of the year, aiming to restore 2.2 million barrels per day of suspended crude output gradually starting in October. The Joint Ministerial Monitoring Committee (JMMC) is unlikely to propose changes to the current production policy plan in August, with expectations to evaluate summer demand before potentially adjusting production cuts. OPEC+ will convene in August for a routine meeting to review the market's health, where discussions may arise about unwinding oil output cuts and the group's overall output policy. Concerns about market strength and potential output increases from October persist, prompting a cautious approach by OPEC+ delegates. The group's monitoring session is deemed routine, with plans intact for a supply increase in the fourth quarter despite initial price fluctuations and the possibility of postponement if needed.