OPEC, allies may need to change course as oil inventories rise: panel

LONDON/RIYADH (Reuters) – OPEC and non-OPEC oil producers, which agreed to relax supply curbs in June, may need to change course because of rising inventories and economic uncertainties, according to a ministerial panel’s findings released on Thursday. The statement might further complicate relations between the Organization of the Petroleum Exporting Countries and the United States, whose President Donald Trump has repeatedly lashed out at the organization saying it is not supplying enough oil. Brent crude oil, the global benchmark, has lost about $10 a barrel since hitting a four-year high of $86.74 on Oct. 3, on signs of ample supply even as U.S. sanctions on Iran aimed at cutting the OPEC member’s oil exports loom. An OPEC and non-OPEC panel called the Joint Ministerial Monitoring Committee reviewed a technical report, which found countries increased output in September by complying with 111 percent of pledged supply curbs, the statement issued by OPEC said. Adherence was 129 percent in August. “The committee expressed overall satisfaction with the collective performance of member countries in the month of September,” the statement said. “The committee, however, expressed concerns about rising inventories in recent weeks and also noted looming macroeconomic uncertainties which may require changing course.”… continue reading

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