OPEC+ JMMC: Phase-out of volume reductions could be paused or reversed

Note from the OPEC monitoring committee

OPEC is in a bit of a tizzy with oil prices falling at the peak of summer driving season. The JMMC monitoring committee met today and reiterated that the planned gradual phase-out of the voluntary cuts could be paused or reversed if necessary.

The next planned JMMC meeting isn't until Oct 2.

WTI crude is up 36-cents to $78.25 yesterday as it builds on yesterday's big gain.