London/Moscow (Reuters) – The joint ministerial monitoring committee (JMMC) of OPEC+, which meets on Monday, should keep the organization’s production policy unchanged in order to take advantage of the summer demand to absorb the expected increases, said four organization delegates.

The OPEC+ plans to award its production of 548,000 barrels per day (BPJ) in August and it is unlikely that this decision will change, the four sources in Reuters said. Another source said he was still too early to say. “

OPEC and the Saudi government’s communications office did not respond to a comment request.

OPEC+, which provides about half of world oil production, has reduced production in recent years to support the market. But she went back this year to regain market share, while US President Donald Trump called OPEC to contribute to the stability of fuel prices.

The eight OPEC+ members who have to increase their production hold a separate meeting on August 3 and could agree on a new increase of 548,000 BPJ for September, three of the sources said, as Reuters reported at the beginning of the month.

This would mean that in September, OPEC+ will have ended its latest production reduction of 2.2 million BPJ and that the United Arab Emirates will have increased their quota by 300,000 BPJ in advance on the calendar.

The JMMC, which brings together the main ministers of the organization of oil exporting countries (OPEC) and its allies, meets every two months and can recommend changes in OPEC+production policy. His meeting must start at 12:00 p.m. GMT on Monday.

The oil prices remained supported despite the OPEC+ production increases thanks to summer demand and the fact that certain members have not increased their production as much as required by the quotas announced. The barrel of Brent is negotiated at nearly $ 70 on Friday.

(Report Ahmad Ghaddar, Alex Lawler and Olesya Astakhova, additional report Yousef Saba, Elena Smirnova, edited by Kate Entringer)

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