Oil producers may need to change course as inventories rise: JMCC

Concerns over rising inventories and looming macroeconomic uncertainties may require OPEC and non-OPEC countries, who have participated in voluntary production cuts since late 2016, to change course, the Joint Ministerial Monitoring Committee (JMMC) said in a statement on Thursday.

The oil panel directed the Joint Technical Committee (JTC) to continue monitoring oil fundamentals, market conditions as well as conformity levels in its effort to maintain market balance.

The JTC has been advised to continue studying 2019 outlook and present options on next year's production levels, to prevent the "reemergence of a market imbalance," the statement noted.

Conformity level reached 111 percent in September 2018, according to the OPEC panel.

JMMC will hold its next meeting on Nov.11 in Abu Dhabi.