OPEC+ has announced that it plans to hold the meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, according to three sources from the alliance.

While an exact date has not been decided, the committee typically meets every two months to monitor the implementation of its production agreements.

The JMMC is made up of key countries within the alliance, including Saudi Arabia, Russia, and the United Arab Emirates. At the last full ministerial meeting on November 30, OPEC+ agreed to voluntary output cuts totaling about 2.2 million barrels per day (bbl/d) during the current quarter. This was led by Saudi Arabia, which rolled over its current voluntary cut.

The upcoming JMMC meeting is expected to assess the implementation of the production agreement in January, according to one of the sources.

Notably, Angola, a member of the group, decided to quit due to dissatisfaction with the production quota it was given.