The Joint Monitoring Committee of OPEC members Algeria, Kuwait and Venezuela, & non-OPEC Russia and Oman meet today in Vienna.
I posted a preview here (a brief one, for much more check out
- RAN: Preview: OPEC/non-OPEC Joint Ministerial Monitoring Committee Meeting, Friday 22nd September 2017
... no, really, check it out!)
This now via Citi (bolding mine):
Oil markets are persistently misunderstanding this Friday's meeting of the OPEC JMMC in Vienna, confusing it with an OPEC ministerial meeting and expecting decisions related to whether the producer group plus Russia and other non- OPEC countries will extend and/or deepen their output cuts.
- Little could be further from reality.
- The producers will be discussing scenarios to be considered at future meetings and the JMC will be doing what their name says: monitoring compliance.
- Their task won't be a surprise since the findings have already been compiled by the JTC, which was able to see a drop in August OPEC output.
And, Citi more generally (but in very brief) on current oil market dynamics and prices:
Petroleum prices have rebounded even in the midst of the most destructive hurricane season in US history. The price surge has reflected numerous factors, namely
- the steady reduction of both on-land and floating oil inventories,
- a surging physical crude market
- and a flipping of technical indicators from bearish to bullish.