Oil prices up after OPEC's monitoring meeting
OPEC's Joint Ministerial Monitoring Committee says 100% conformity is vital in ongoing efforts for oil market stability
Oil prices were up on Friday after the Organization of Petroleum Exporting Countries (OPEC) affirmed their commitment to lower oil production.
International benchmark Brent crude was trading at $42.03 per barrel at 0626 GMT for a 1.25% increase after it closed Thursday at $41.51 a barrel with a 1.97% daily gain.
American benchmark West Texas Intermediate (WTI) was at $39.36 a barrel at the same time for a 1.34% gain after ending the previous day at $38.84 per barrel with a 2.32% daily increase.
OPEC and non-OPEC oil-producing nations, known as OPEC+, said in its statement after the 19th Joint Ministerial Monitoring Committee (JMMC) meeting that achieving 100% conformity is "vital for the ongoing and timely rebalancing efforts and helping deliver a sustainable oil market stability."
With the firm commitment of OPEC+ producers to lower oil production, some drawdown of the supply glut in the global oil market is expected in the second half of this year to support crude prices.
The JMMC, which will hold monthly meetings until the end of 2020, closely watches how much crude oil each OPEC+ member produces, and accordingly, makes recommendations to the group.