As the dust settles from last week’s series of meetings between the Opec+ contingent, it is increasingly evident that a cohort of major producers have effectively staged a coup. The Joint Ministerial Monitoring Committee (JMMC) currently holds the reins of power in the grouping.

The JMMC was expanded in November 2017 to officially include Saudi Arabia, which also shares chairmanship with Russia. The other members are Venezuela, Algeria, Kuwait and the UAE alongside non-Opec member...