Search ForexCrunch

OPEC+ Joint Ministerial Monitoring Committee (JMMC) has not made a recommendation on the oil output policy beyond was decided at January meeting, Reuters reported on Wednesday, citing a drat statement and an OPEC source.

“Oil stocks in Organisation for Economic Co-operation and Development (OECD) countries have fallen for the fifth consecutive month in 202,” the draft statement read. “Compliance with oil cuts in December was at 101%.”

The JMMC further noted that the gradual rollout of vaccines around the world is a positive factor for the rest of the year boosting the global economy and oil demand.

Market reaction

Crude oil prices edged slightly lower on this report. As of writing, the barrel of West Texas Intermediate (WTI), which rose to a fresh 12-month high of $55.48 earlier in the day, was trading at $55.30, gaining 0.5% on the day.