OPEC+ panel stresses need for full compliance with oil output limits
The online meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, started at about 1230 GMT
An OPEC+ panel stressed the need for achieving full compliance with oil output agreements and extra output cuts that some members are required to make to compensate for earlier exceeding quotas at a meeting on Wednesday, OPEC said in a statement.
The online meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, started at about 1230 GMT.
The JMMC retains the authority to convene additional meetings or request a full meeting of OPEC+ if needed, the statement said. It does not hold decision-making authority over OPEC+ production levels.
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OPEC+ in April reversed its strategy of output cuts and has already raised quotas by more than 2.5 million barrels per day, or about 2.4% of world demand, to boost market share and following pressure from U.S. President Donald Trump to lower oil prices.
A separate meeting of eight OPEC+ countries on Sunday is expected to discuss a further oil output increase for November, sources familiar with the talks said on Tuesday.
