OPEC+ compliance with output cuts at 97% in July

Oil

The OPEC+ coalition achieved an overall compliance of around 97% with their crude oil output cuts during July of 9.7M b/d, according to two OPEC+ delegates, Reuters report. Since the start of August output cuts have been eased to 7.7M b/d, while increasing pressure has been directed toward members who have produced above their quota.

The Joint Ministerial Monitoring Committee (JMMC), which advises OPEC+, is due to meet on Wednesday in order to review compliance and the group’s strategy moving forward.