OPEC+ compliance with oil output cuts in July around 97 pct, ahead of key meet

Compliance with OPEC+ oil output cuts is seen at around 97 percent in July, two OPEC+ sources told Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers.

The figure has not yet been finalized by a technical panel of key OPEC and non-OPEC producers, known as the JTC, which is meeting later onMonday, the sources said.

A ministerial OPEC+ monitoring committee, known as the JMMC, is meeting on Wednesday to review the oil market and compliance with the global oil supply reduction pact.

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The JMMC advises the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.

OPEC+ sources said they expect no change in the current production agreement and would rather focus on adherence by countries such as Iraq, Nigeria and Kazakhstan who have pledged to improve their compliance.

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In August, OPEC+ eased its agreed cuts to 7.7 million barrels per day (bpd) from 9.7 million bpd previously.

“There is no change,” one of the sources said.

Russian Energy Minister Alexander Novak said last week there have been no additional proposals to change the deal.

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OPEC oil output has risen by over 1 million bpd in July, according to a Reuters survey, as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of the OPEC+ deal while other members made limited progress on compliance.

OPEC+ has been cutting output to tackle the fallout from the COVID-19 pandemic which has hit oil demand.

Brent crude LCOc1 was down 13 cents, or 0.3 percent, to $44.67 a barrel by 1048 GMT, and West Texas Intermediate US crude was down 4 cents, or 0.1 percent, to $41.97 a barrel.