The oil market is moving in the right direction towards rebalancing, but all options, including extending the cuts beyond March 2018, are left open, the joint OPEC/non-OPEC committee set up to monitor compliance with the cuts and the state of the oil market said on Thursday. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC)—which has been holding meetings in Vienna this week to discuss slipping conformity with the pledges—pointed to a better-than-expected global oil demand growth for this year, and expectations for further growth next year as one of the reasons for optimism. In addition, the OPEC/non-OPEC panel pointed to oil commercial stocks declining in July—and along with it the latest five-year average—compared to the start of this year. The narrowing contango has also contributed to a drop in floating storage since June, the committee noted. OPEC’s de facto leader Saudi Arabia and the leader of the non-OPEC producers, Russia, […]