OPEC+ presses Iraq and Kazakhstan for better oil cut compliance

LONDON (Reuters) – An OPEC+ ministerial panel made no recommendation on extending record oil production cuts into August while pressing countries such as Iraq and Kazakhstan to comply better with their quotas, it said in a draft statement seen by Reuters.

The move could represent the first step towards easing oil supply cuts from the current record curbs of 9.7 million barrels per day (bpd) to 7.7 million bpd.

The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises OPEC+ and will meet again on July 15, when it would recommend the next level of cuts.

Reporting by OPEC team; Editing by David Goodman


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