The OPEC+ compliance level with the oil production cut deal reached 110% in July, the communique issued after the Wednesday meeting said
MOSCOW (Pakistan Point News / Sputnik - 01st September, 2021) The OPEC+ compliance level with the oil production cut deal reached 110% in July, the communique issued after the Wednesday meeting said.
"The Meeting welcomed the positive performance of Participating Countries in the Declaration of Cooperation (DoC). Overall conformity to the production adjustments was 110% in July including Mexico (109% without Mexico), reinforcing the trend of high conformity by Participating Countries," the communique read.
The alliance agreed to hold the next "Ministerial Meeting on 4 October 2021."
The OPEC+ also reconfirmed adherence to the previously agreed increase in oil production, according to the communique.
"Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of December 2021," OPEC added.
