OPEC+ sees July compliance to oil cuts deal at 94%

The compliance level of OPEC and participating non-OPEC countries has dropped from 98% in June to 94% in July, according to the estimations of OPEC Joint Ministerial Monitoring Committee, Bloomberg reported with reference to sources.

The meeting of the OPEC/non-OPEC Joint Technical Committee opened in Vienna yesterday and will last until Aug.25.

The meeting will focus on discussing the conclusions of the JTC extraordinary session held earlier in Abu Dhabi.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.