OPEC JMMC unlikely to recommend oil output changes – report | Forexlive

OPEC+ has been unpredictable so you can’t take anything for granted but this adds to the argument for no move.

Here’s what CIBC has to say about the JMMC meeting on Wednesday:

The
consensus is that given the uncertainties of Chinese demand recovery and a global economic
slowdown, JMMC is unlikely to recommend an OPEC+ policy change. OPEC+’s next
ministerial conference is scheduled for June 2023. But if JMMC decides that a change in
policy is required, it has the authority to call for a full meeting. OECD crude oil inventory
continues to sit below the five-year average.