Opec+ pushes for compliance, undecided on oil cut extension
LONDON/DUBAI/MOSCOW: An Opec+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August.
The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises Opec+ and will meet again on July 15, when it would recommend the next level of cuts, designed to support oil prices battered by the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and allies, known as Opec+, have been cutting output since May by a record 9.7 million barrels per day (bpd) – or 10 per cent of global supply – after oil demand plunged by up to a third.
