OPEC, allies may need to change course as oil inventories rise -panel

OPEC, allies may need to change course as oil inventories rise -panel
FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger/File Photo -
Leonhard Foeger(Reuters)
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LONDON (Reuters) - OPEC and non-OPEC oil producers, which agreed to relax supply curbs in June, may need to change course because of rising inventories and economic uncertainties, according to a ministerial panel's findings released on Thursday.

The statement might further complicate relations between OPEC and the United States whose President Donald Trump has repeatedly lashed out at the organisation saying it is not supplying enough oil to the markets.

Brent crude oil has lost about $10 a barrel since hitting a high of $86.74 on Oct. 3, on signs of ample supplies.

An OPEC and non-OPEC panel called the Joint Ministerial Monitoring Committee reviewed a technical report, which found countries increased oil output in September by complying with 111 percent of pledged supply curbs, the statement issued by OPEC said.

"The committee expressed overall satisfaction with the collective performance of member countries in the month of September," the statement said.

"The committee, however, expressed concerns about rising inventories in recent weeks and also noted looming macroeconomic uncertainties which may require changing course."

OPEC and its allies hold their next policy meeting in December.

(Reporting by Alex Lawler and Dmitry Zhdannikov, editing by David Goodman and David Evans)

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