The OPEC+’s Joint Ministerial Monitoring Committee (JMMC) left the door open for extending or easing record production curbs from August and pressed countries such as Kazakhstan and Iraq to comply better with oil cuts.
To support oil prices battered by the coronavirus pandemic, there will be a meeting on July 15 to discuss the next level of cuts. After oil demand slumped by up to a third, the OPEC+ has been cutting output by a record 9.7 million bpd or 10 percent of global supply since May. The oil production cuts, after July, are due to taper to 7.7 million bpd until December.
Two OPEC+ sources said the extending record cuts beyond July was not discussed in the virtual JMMC meeting yesterday.
