The Joint Technical Committee of OPEC+ is concerned about the growing coronavirus case numbers in India, Japan, and Brazil. The committee is responsible for assessing oil market fundamentals. It is also tasked with monitoring which member countries are complying with the production cut quotas and which are not.The Joint Technical Committee is not changing its oil demand outlook at this time, but the group is keeping an eye on surging coronavirus cases in some substantial oil importers.
The Joint Technical Committee, which is meeting before the full ministerial meeting that will take place later in the week on Wednesday. It is still weighing the impact of various lockdowns on the oil markets.Recently the OPEC+ pane revised downward its oil demand estimates at Saudi Arabia’s prodding, just before the group decided to ease production quotas for its members. Oil prices were down on Monday afternoon but pared earlier losses. At 5:00 p.m. ET, Brent crude was trading at $65.70, down $0.41 on the day.