1/4, 2:12 PM (Source: TeleTrader)
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OPEC+ JMMC: Oil market currently in state of balance

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) said on Tuesday that the oil market is currently in a "state of balance" and added it is expected to move into surplus in the first quarter of 2022.

Meanwhile, media reports suggested the cartel and its allies are set to confirm their plans to boost production by 400,000 barrels per day in February. Delegates also told reporters that conformity with the OPEC+ output agreement stood at 117% in November and that countries that underperformed will be allowed to compensate for their lack of compliance with the deal until June.

Baha Breaking News (BBN) / NP