OPEC+ JMMC reportedly notes that oil stocks remain above 2015-19 average

Reuters with the headlines, citing sources who have seen a document after the OPEC+ JMMC meeting yesterday

  • OPEC+ JMMC recognises that prevailing volatility in oil market structure is a signal of fragile market conditions
If anything, the document seems to be leaning towards a suggestion to maintain production cuts – which is what is expected – in the decision today. But we’ll see if OPEC+ members will have the propensity to surprise later on in the day.
Oil is keeping steadier, up by 1.2% to $59.90 after the late drop yesterday below $60.
Update: The document adds that OPEC+ JMMC recommends to extend “compensation period for overproduction” until September 2021.
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