OPEC+ panel meeting next week will advise on policy, not decide-sources

* OPEC+ ministerial JMMC meeting scheduled for June 18
* OPEC+ technical JTC meeting planned for June 17
* Cuts by OPEC+ May and June: https://tmsnrt.rs/2SsCSMN

By Alex Lawler, Ahmad Ghaddar and Olesya Astakhova
LONDON/MOSCOW, June 12 - An OPEC-led panel meeting to review
the oil market next week will advise the wider OPEC+ group
cooperating on a record supply cut, five OPEC+ sources said,
meaning further talks would be needed on whether to extend the
agreement further.
OPEC, Russia and allies, known as OPEC+, agreed on Saturday
to keep production cuts of 9.7 million barrels per day, or 10%
of pre-coronavirus world demand, until the end of July. The
reduction has helped oil prices to more than double since April.
To step up consultations on the effectiveness of the
agreement, OPEC+ also agreed that a panel called the Joint
Ministerial Monitoring Committee or JMMC, will meet monthly
until the end of 2020. Its first such meeting is on Thursday
next week.
While this is a more frequent cycle of meetings than in the
past, the JMMC's remit is still to advise OPEC+, the OPEC+
sources said. This means any decision to extend the supply
reduction agreement would not be immediate.
"It's an advisory committee that can make recommendations,"
one of the OPEC+ sources said of the JMMC's role, declining to
be identified by name.
The JMMC is composed of OPEC members Algeria, Kuwait,
Venezuela, Nigeria, Iraq, United Arab Emirates and Saudi Arabia,
plus non-OPEC countries Russia and Kazakhstan.
One of the issues the JMMC will look at is whether countries
that have not delivered their share of the cutbacks could do
more. OPEC+ on Saturday demanded countries such as Nigeria and
Iraq compensate with extra cuts in July to September.
The day before the JMMC meets, a lower-level group called
the Joint Technical Committee will gather. Both meetings, like
the ministerial talks held on Saturday, will be virtual.

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OPEC+ Cuts May and June:: https://tmsnrt.rs/2SsCSMN
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(Editing by Jane Merriman)