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LONDON. — Oil prices were steady early yesterday morning, searching for a catalyst for direction while OPEC is holding a meeting of its Joint OPEC-Non-OPEC Technical Committee (JTC), which monitors the cartel and friends’ compliance with the output cuts. At 9:15am EST, WTI was at US$48.42 and Brent was at $52.47.

Two weeks ago, OPEC held a meeting with some of the producers and cited its members Iraq and the UAE, as well as non-OPEC signatories to the deal Kazakhstan and Malaysia, as laggards in compliance.

The market is now awaiting any news, hints, or comments that are expected to follow today’s meeting in Vienna to discuss compliance and the results of the extraordinary meeting in Abu Dhabi two weeks ago.

In its latest Monthly Oil Market Report, OPEC said that its production increased in July, by 172,600 bpd compared to June, to reach 32.869 million barrel Libya, Nigeria, and Saudi Arabia were the main drivers behind the OPEC production increase.

While Libya and Nigeria are exempt from the deal, the other OPEC members are not doing “whatever it takes” to clear the glut

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