OPEC’s Joint Ministerial Monitoring Committee (JMMC) concluded after addressing very familiar themes.

And, as widely expected, intend to hold the course on production as coronavirus flare-ups around the globe and with the northern hemisphere heading into colder winter months, there remains “growing risks” of a prolonged second wave.

There was little incentive to send anything but a strong and unified message. Still, it seems that Nigeria’s continued failure to deliver on its quota drew the lion’s share of the JMMC participants’ attention.

Saudi Arabia’s King Salman held a call with Nigeria’s President to discuss oil markets. So traders are assuming that discussions at the highest level will set the stage for a mea culpa from Nigeria, and perhaps a commitment to over-comply in the coming months.

Only time will tell as there was a similar agreement from Iraq at the last JMMC meeting. According to industry data, they continued to struggle with targets producing around 150,000 b/d above original quotas. So cheating could still be a problem in the future.

Oil started moving higher after the US Energy Information Administration (EIA) report walked back API’s gasoline inventory report build, which had tempered bullish ambitions on Tuesday.

The EIA reported more seasonal 3.3 million declines in gasoline inventories that nudged prices higher during the NY session.

Indeed, that should alleviate some market concerns around the pace of product demand rise, especially around the critical gasoline metrics where a ” surprise draw” is always most welcome.

However, the predominant theme in oil markets is the dramatically falling level of volatility and the very slow grind higher for prices.

Oil markets analysis and insights from Stephen Innes, Chief Global Market Strategist at AxiCorp