OPEC, non-OPEC compliance with oil cuts fall to 121%

OPEC and non-OPEC’s compliance with oil output curbs has declined to 121% in June from 147% in May,  joint OPEC and non-OPEC ministerial monitoring committee said.

The committee added that it was satisfied that overall performance "will not deviate from the 100% conformity” targeted in the deal reached June 23.

OPEC and non-OPEC countries agreed to gradually bring compliance back to 100% at a meeting at the end of June. The move is designed to add more barrels to the market and reduce upward pressure on oil prices after unexpected outages in Venezuela and Libya pushed compliance to record high levels, Reuters reported.

OPEC’s leader Saudi Arabia has said it began preparing for an output boost even before the June meeting and Russian data also suggested a production rise in June.