OPEC+ meets to review compliance with oil cuts

OPEC+ meets to review compliance with oil cuts

DUBAI/LONDON/MOSCOW - 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."The meeting will be mostly a focus on conformity and compensation," said an OPEC source, rather than any major tweaks to the OPEC+ supply cut deal.Other sources said the virtual meeting, scheduled to start at 1400 GMT, would look in particular at compliance by countries such as Iraq, Nigeria and Kazakhstan. They have made a smaller share of their reduction than members such as