OPEC+ ministerial panel draft statement has made no recommendation in extending crude oil production curtail into the month of August. However, the panel stressed on countries such as Kazahkstan and Iraq which had low compliance rates in the cut quotas to comply better. The Joint Ministerial Monitoring Committee (JMMC) is scheduled to meet again on July 15 with the agenda to give a recommendation to OPEC+ on the next level of cuts.
The panel move could mean that the crude oil production curbs will be eased gradually after the term ends on July 31, most likely from current cuts of 9.7 million barrel/day to 7.7 million barrel/day.
