The meeting of the Joint Ministerial Monitoring Committee is scheduled to be held tomorrow with the participation of OPEC and non-OPEC members, and the meeting is likely to give a reference to actions to be taken with regard to the agreement to reduce oil production by the end of this week.
It is certain that Iran will not agree to any increase in production, which means that there is unlikely to be a consensus and a joint statement, and Iran will veto any decision to increase oil production from current levels.
This may mean that we may see a repeat of 2011 when Saudi Arabia came out and did its own thing, but this time it is likely to unite with Russia to increase production.
