Opec+ maintained its oil output policy at a meeting yesterday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers. A Joint Ministerial Monitoring Committee of Opec+ met virtually yesterday, pronouncing itself “optimistic for (a) year of recovery in 2021,” a statement issued after the meeting said. Oil has rallied from historic lows hit last year as the pandemic hit demand, thanks to record output cuts by the Organization of the Petroleum Exporting Countries and allies, known as Opec+ that the group is beginning to unwind. “While inventories are drawing fast, the market is pricing in a
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