Iran's oil minister comments on the OPEC+ meeting tomorrow
The Joint Ministerial Monitoring Committee (JMMC) meeting is scheduled to take place tomorrow involving OPEC and non-OPEC members. The meeting is likely to give an indication of what actions will be taken with regards to the OPEC+ agreement on the week.
And as highlighted earlier, it is all but certain now that Iran will not be endorsing any output increase from discussions this week.
That makes it highly unlikely that there will be a consensus and joint communique formed by Friday as they would veto any decision to increase oil output from current levels. This means we may yet see a repeat of 2011 where Saudi Arabia walked off and did its own thing, but this time they will likely join forces with Russia to increase oil output on their own.
