OPEC+ meets to review compliance with oil cuts

OPEC+ meets to review compliance with oil cuts

OPEC+ is unlikely to change its output policy

The meeting would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan

Updated 19 August 2020

Reuters

August 19, 2020 08:45

DUBAI/LONDON: OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.

OPEC+ is unlikely to change its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record high 9.7 million bpd up until this month, according to OPEC+ sources.

They said the meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan.

Compliance with the cuts was seen at 95% to 97% in July, according to OPEC+ sources and a draft