The discussions of the Joint Technical Committee between OPEC and non-OPEC member countries included in the cut-off agreement have been completed. The Committee believes that the oil supply is falling faster, and the market is currently on track to restore balance between the Q2 and the Q3 of this year.
Previous discussions have concluded that market rebalancing will not occur before Q3 of 2018. This scenario indicates that Libya and Nigeria maintain January production levels, while the remaining participants in the agreement maintain full compliance with production cuts.
