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Monday 17 August 2020

OPEC+ Compliance with Oil Output Cuts in July around 97%

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LONDON/MOSCOW/DUBAI (Reuters) — Compliance with OPEC+ oil output cuts is seen at around 97% in July, two OPEC+ sources told Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers.

OPEC+ sources said they expect no change in the current production agreement and would rather focus on adherence by countries such as Iraq, Nigeria and Kazakhstan who have pledged to improve their compliance. In August, OPEC+ eased its agreed cuts to 7.7 mln barrels per day (bpd) from 9.7 mln bpd previously.

The final numbers have not so far been cleared by a technical group of major OPEC and third country producers, known as the JTC, which will gather later on Monday, according to sources.

A ministerial OPEC+ monitoring committee, known as the JMMC, is meeting on Wednesday to review the oil market and compliance with the global oil supply reduction pact. The JMMC advises the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.

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