OPEC + commitment to oil production cuts reached 101% in August

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Three “OPEC +” sources said today, Wednesday, that the commitment of the “OPEC +” members to the August oil production cuts is expected to reach 101%.
A technical committee of the alliance that includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as “OPEC +”, plans to hold a meeting later today to discuss key market factors and compliance.One source said that the compliance rate might be adjusted during the committee meeting.

The group’s ministerial monitoring committee is meeting tomorrow and it is unlikely to announce recommendations to expand production cuts, sources said this week.

But the meeting would extend a deadline for countries such as Iraq and Nigeria to compensate for past production increases.

The meeting is held in light of declining expectations for demand, especially those of OPEC.

In its monthly report, OPEC expected a decrease in global oil demand to 9.46 million barrels per day this year, up from its forecast a month ago for a decrease of 9.06 million barrels per day.

OPEC’s forecast coincides with worsening outlooks for demand from the International Energy Agency and major producers and trading companies in the sector.

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