Iraq and Kazakhstan outline plans to increase OPEC+ compliance

Oil

An OPEC+ ministerial panel met today to review ongoing oil supply cuts and to outline plans to increase compliance from Iraq and Kazakhstan, newswires report. Overall compliance from the group was 87% in May, as a result of some members not meeting their oil supply cut targets. The ministerial panel made no recommendation to extend the existing cuts of 9.7M b/d beyond July. Cuts are set to drop to 7.7M b/d from August to December.