The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group wrapped up their monthly meeting on Wednesday in record time and, as widely expected, did not make any recommendation about changing the oil production levels of the alliance. The JMMC meeting this month was more of a formality rather than disagreements and bargaining like the previous meeting since OPEC+ decided in January how it would proceed with the production cuts for February and March. This month, the OPEC+ alliance is easing its production cuts by just 75,000 barrels per day (bpd)—of which 65,000 bpd will be given to Russia and another 10,000 bpd to Kazakhstan. In March, Russia and Kazakhstan are set to boost their oil production by another 65,000 bpd and 10,000 bpd, respectively. All other members of the pact are keeping their production levels from January. And of course, OPEC’s top producer, Saudi Arabia, is cutting its […]