OPEC joint ministerial monitoring committee meets on Wednesday
Unlikely to change production agreement, sources say
Compliance with cuts by Iraq and Kazakhstan under scrutiny, they say

LONDONDUBAI, Oct 1 Reuters An OPEC panel is unlikely this week to recommend any changes to its current deal to reduce production and to start unwinding some cuts from December, despite recent sharp declines in oil prices, five sources from the producer group told Reuters.

Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC as the group is known, will hold an online joint ministerial monitoring committee JMMC meeting on Wednesday at 1200 GMT.

Although the oil market situation is a bit complicated, I do not expect a new decision or any change to the OPEC agreement in Wednesday39;s meeting, one of the sources said, declining to be identified.

Oil prices have fallen in 2024 with Brent crude last month slipping below 70 a barrel for the first time since 2021, pressured by concern about global demand and rising supply outside OPEC. Brent was trading near 71 on Tuesday.

OPEC is currently cutting output by a total of 5.86 million barrels per day bpd, or about 5.7 of global demand, in a series of steps agreed since late 2022.

Its latest agreement calls for OPEC to raise output by 180,000 bpd in December, part of a plan to gradually unwind its most recent layer of voluntary cuts during 2025. The hike was delayed from October after…