Oil – there is an OPEC+ JMMC meeting Monday 19 October 2020

An online, virtual meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC)  today.

The JMMC discuss compliance issues – how OPEC members and friends (the “+” part) are coming along with sticking to agreed output cuts.
The cuts come with the background of a renewed drop in demand due to the fresh wave of COVID-19 outbreaks and the restrictions therefore imposed by governments.
OPEC+ have plans to further scale back production on January 1 from 7.7m b/d to 5.8m b/d. Any firm commitments on this (there are calls for this step in output cuts to be put on hold) will come from the full group meeting on 30 November/1 December, not today. But that does not preclude the usual chatter and headlines. Stay tuned.