OPEC and its Russia-led non-OPEC partners in the production cut deal may have to change course in the current relaxing of the cuts, due to increased inventories in recent weeks and uncertainties about the global economy, a panel of the oil producers part of the pact said on Thursday. The Joint Ministerial Monitoring Committee (JMMC), which met to review the state of the production cuts pact and the short-term prospects of the oil market, said that its review of the recent market fundamentals showed “a very comfortable supply level relative to demand.” “The committee however expressed concerns about rising inventories in recent weeks and also noted looming macro economic uncertainties which may require changing course,” the panel said in a statement. OPEC and allies agreed in June to relax compliance rates with the cuts to 100 percent from the previous over-compliance. The respective leaders of the OPEC and non-OPEC […]