UPDATE 3-OPEC+ panel focuses on compliance with oil cuts, calls for 'vigilance'

* OPEC+ technical JTC panel met to review compliance
* No changes expected in OPEC+ supply cut deal
* OPEC+ ministerial panel meets on Wednesday

(Recasts with draft report details)
By Ahmad Ghaddar, Vladimir Soldatkin and Rania El Gamal
LONDON/MOSCOW/DUBAI, Aug 17 (Reuters) - Compliance with
OPEC+ oil output cuts is seen at 95% to 97% in July, according
to OPEC+ sources and a draft report seen by Reuters on Monday,
two days ahead of a meeting of key OPEC+ producers to review
adherence with their production pact as demand slowly recovers.
The Organization of the Petroleum Exporting Countries and
allies including Russia, a group known as OPEC+, have been
cutting output by a record volume since May to tackle the
fallout from the COVID-19 pandemic which has hit oil demand.
Compliance with the cuts by OPEC+ was 95% in July, reaching
up to 97% including Mexico, according to a draft report by a
joint monitoring technical panel of key OPEC and non-OPEC
producers, known as the JTC, which met on Monday.
A ministerial OPEC+ monitoring committee, known as the JMMC,
is meeting on Wednesday to review the oil market and compliance
with the global oil supply reduction pact. The JMMC advises the
whole of OPEC+ and does not make decisions.
OPEC+ sources said the JTC did not recommend making any
changes in the current production agreement and was focusing on
adherence by countries such as Iraq, Nigeria and Kazakhstan,
which have pledged to improve their compliance and compensate
for their overproduction in recent months.
The JTC has considered a scenario of substantial downside
risk to oil demand if the coronavirus pandemic conditions
worsen, according to the draft report. The panel has called for
"vigilance and close monitoring of the implementation of the
compensation for overproduction," it said in the report.
Compliance of 95%-97% is high by OPEC standards. In July,
top exporter Saudi Arabia was still pumping below its target and
Iraq and Nigeria, while lagging the Gulf OPEC members on
compliance, were pumping less than in earlier months, according
to a Reuters survey and other assessments. In August, OPEC+ eased its cuts to 7.7 million barrels per
day (bpd) from 9.7 million bpd previously, a record cutback, as
demand partially recovered.
Russian Energy Minister Alexander Novak said last week there
had been no additional proposals to change the deal.
Brent crude LCOc1 rose above $45 a barrel on Monday and
has more than doubled since reaching a 21-year low below $16 in
April, thanks in part to the OPEC+ deal. O/R

(Additional reporting and writing by Alex Lawler Editing by
Mark Potter and David Holmes)