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OPEC+ panel to meet amid oil price decline

Published 17/09/2020, 07:23
© Reuters.

DUBAI/LONDON/MOSCOW, Sept 17 (Reuters) - OPEC and allies,
led by Russia, are scheduled to hold an online meet on Thursday
to discuss compliance with their agreed output cuts and demand
trends amid falling oil prices and a faltering economic recovery
outlook.
A panel of key producers including Saudi Arabia and Russia
from the Organization of the Petroleum Exporting Countries and
its allies, a group known as OPEC+, is expected to keep their
current output reduction target of 7.7 million barrels per day
(bpd), or around 8% of global demand.
They will also likely press laggards such as Iraq, Nigeria
and the United Arab Emirates to cut more barrels to compensate
for overproduction. The meeting, known as the Joint Ministerial Monitoring
Committee (JMMC), is expected to start at 1200 GMT, OPEC+
sources said.
OPEC+ producers have been reducing production since January
2017 to help support prices and reduce global oil stockpiles.
They increased their cuts to a record 9.7 million bpd from May
to July after demand plunged in the wake of the coronavirus
crisis.
The group has called on Iraq and others to pump below their
quota in September to compensate for overproduction between May
and July.

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