Opec+ ministers meet to review oil cuts, compliance
LONDON/DUBAI/MOSCOW: An Opec+ ministerial panel is due to begin talks at 1200 GMT on Thursday to review the progress of a record oil supply cut and discuss plans from countries yet to deliver their share in full on how they propose to comply.
The Organization of the Petroleum Exporting Countries and allies, known as Opec+, have been cutting output by a record 9.7 million barrels per day (bpd) since May 1.
Opec+ agreed on June 6 to extend those cuts for another month until the end of July to further support the market.
The level of cuts is due to ease after July and two Opec+ sources said that Thursday’s virtual meeting of the Joint Ministerial Monitoring Committee (JMMC), which advises Opec+, was unlikely to recommend extending record cuts into August.
