OPEC+ meets to review compliance with oil cuts
Sunbd Desk || Published: 2020-08-19 12:32:35 || Updated: 2020-08-19 12:32:35
The meeting would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan
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 report seen by Reuters on Monday.
That is high by OPEC standards. In July, top exporter Saudi Arabia was still pumping below its target and Iraq and Nigeria, while lagging the Gulf OPEC members on compliance, were pumping less than in previous months, according to a Reuters survey and other assessments.
Saudi Arabia’s King Salman bin Abdulaziz spoke to Nigerian President Muhammadu Buhari on Wednesday and stressed the importance of compliance by all participants, Saudi state news agency SPA reported.
Brent crude has been trading near a 5-month high above $45 a barrel and has more than doubled since hitting a 21-year low below $16 in April, helped in part by the OPEC+ deal.ArabNews
- Media workers are fearless warriors of the Corona period
- Central bank bought 4.2 billion dollars in four months
- Government fully prepared to provide 5G services
- Padma Bridge main structure’s work progress 91pc: Quader
- Javier Mascherano announced his retirement
- Wata Chemicals disclose first Quarter earnings report
- Daffodil Computers disclose first Quarter earnings report
- H.R TEXTILE MILLS disclose first Quarter earnings report
- Far East Knitting disclose first Quarter earnings report
- Reserve will be 50 billion dollar by 2021: Finance Minister
- E-commerce market will be 3 billion dollars
- Turkey wants enhanced ties with Bangladesh exceeding $2 bln trade
- The Sundarbans is being opened for tourists
- Investors will keep the gold market strong in 2021
- Padma Bridge 5 kilometers visible now
- Bangladesh wants self-sufficient in onion production
- Asia-Pacific garment industry suffers from Covid-19 fallout