A meeting of the Joint Technical Committee (JTC) of the OPEC and non-OPEC oil producers part of the supply-cut pact found on Thursday that oil inventories in developed economies had dropped to just 12 million barrels over the official target of the cuts—the five-year average, a source familiar with the matter told Reuters . The technical panel is meeting in Jeddah, Saudi Arabia, ahead of a ministerial meeting on Friday, which will be attended by the energy ministers of Saudi Arabia and Russia, among others. According to Reuters’ sources, the panel found today that oil inventories in OECD nations were 12 million barrels above the five-year average, a virtually non-existent surplus, especially if compared to the 340-million-barrel overhang that was present in January 2017, when OPEC and its non-OPEC partners led by Russia started to purposefully cut oil production in an attempt to erase the glut and prop up […]