OPEC+ oil producers cut output in July by 9 percent more than called for in their production cut agreement, Reuters reported, citing sources familiar with the matter.

 

The findings, ascertained by an OPEC and non-OPEC monitoring committee, for last month compare with a compliance level of 120 percent for June and 147 percent for May.

 

In June, OPEC and non-OPEC members pledged to return to 100 percent compliance with agreed cuts of 1.8 million barrels per day, a pact that came into force in January 2017.

 

Oil producers had for months been cutting in excess of the agreed amount, driven by output declines in Venezuela, Nigeria and Libya.

 

The OPEC and non-OPEC technical committee plan to meet again on Sept.11 ahead of the OPEC+ ministerial committee meeting on Sept.23 in Algeria.

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