OPEC+ compliance with oil output cuts reach 97% in July, say sources

17/08/2020 Argaam

 

Compliance with OPEC+ oil output cuts is seen at around 97% in July, Reuters reported, citing two OPEC+ sources.

 

The sources also added that the figure has not yet been approved by Joint Technical Committee, which meant it is not yet final.

 

The Joint Ministerial Monitoring Committee (JMMC) will be meeting on Wednesday to review the oil market and compliance with the global oil supply reduction pact, as demand slowly recovers.

 

No change is expected in the current production agreement. The focus would rather be on adherence by countries such as Iraq, Nigeria and Kazakhstan, the sources added.

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