OPEC+ Panel Makes New Oil Production Cuts Official ...Middle East

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group met on Monday and made the shock new production cuts official, with some of the major producers in OPEC and non-OPEC, including Russia, pledging a total of 1.66 million barrels per day (bpd) of cuts on top of the ones running since November last year.    The meeting, which just days before was expected to be a routine no-news affair, was only routine in acknowledging the cuts announced on Sunday, which sent oil prices rallying by more than 6% early on Monday with WTI…

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