OPEC+ Compliance With Oil Cuts Slips To 109% In July ...Middle East

The OPEC+ group saw its overall compliance with the production cuts at 109 percent in July, down from 113 percent in June, Argus reported on Thursday, citing an internal report meant for the Joint Technical Committee (JTC) of the alliance. The decline in overall conformity levels was mainly the result of OPEC’s leader and top producer, Saudi Arabia, unwinding the last 400,000 barrels per day (bpd) part of its unilateral extra cut of 1 million bpd implemented between February and April. In June, the OPEC+ group’s overall conformity with…

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