© Reuters/DADO RUVICFILE PHOTO: A 3D printed oil pump jack in front of the OPEC logo in this illustration picture
By Rania El Gamal, Alex Lawler and Ahmad Ghaddar
LONDON (Reuters) - OPEC+ maintained its oil output policy at a meeting on Wednesday as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery.
A Joint Ministerial Monitoring Committee of OPEC+ met virtually on Wednesday, pronouncing itself "optimistic for (a) year of recovery in 2021," a draft statement seen by Reuters said.
Graphic: World Oil Demand and Supply https://graphics.reuters.com/GLOBAL-OIL/oakveywyzvr/chart.png
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+.
The OPEC+ panel made no mention of changing its oil policy, which calls for most members to hold supply steady in February and top exporter Saudi Arabia to cut output voluntarily by 1 million barrels per day this month and next.
Graphic: Oil Market Balance - OPEC+ base case scenario https://graphics.reuters.com/GLOBAL-OIL/xlbpgyemopq/chart.png
Graphic: Oil Market Balance, OPEC+ Alternative Scenario Oil Market Balance, OPEC+ Alternative Scenario https://graphics.reuters.com/GLOBAL-OIL/yxmvjydqqpr/chart.png
On Wednesday, benchmark Brent crude hit $58.51 a barrel, the highest since late February 2020.
(Reporting by Rania El Gamal and Alex Lawler, editing by Elaine Hardcastle and Jane Merriman)