OPEC presses on its members for compliance with oil cuts

Shafaq News/ OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September, amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end, Reuters reported.

The group, known as OPEC+, met on Wednesday to review compliance and left oil cuts levels unchanged. Cuts would deepen this month and next because of compensation by Iraq, Nigeria, Angola and Kazakhstan for overproduction in May-July.

The virtual meeting on Wednesday only discussed compliance by countries such as Iraq, Nigeria, Angola and Kazakhstan.

As by Reuters, the countries within OPEC+ overproduced in May-July and would compensate those volumes in August-September, OPEC+ said in a statement without disclosing exact figures.

"It is very important to maintain full conformity", said Russian Energy Minister Alexander Novak, who had tested positive for COVID-19 and joined the virtual meeting from home.

OPEC+ has previously eased output cuts levels to 7.7 million barrels per day (bpd) from August versus a record high 9.7 million bpd - or 10 percent of global supply - between May and July 2020 - to balance supply with collapsing demand.

Yesterday, Saudi Crown Prince Mohammed bin Salman held a telephone conversation with the Iraqi Prime Minister Mustafa Al-Kadhimi, in which both parties focused on Iraq's commitment to the oil agreement, as well as other common issues.