Sources from the Organization of the Petroleum Exporting Countries and allies (OPEC+) said that the alliance’s technical experts made no recommendation on further expanding the current oil output cut pact in their negotiations on Wednesday.
The meeting was held to review the effect of the cut and hear from countries yet to deliver their share in full on how they plan to comply with the pact. According to a source, the meeting was held virtually and went well.
OPEC+ compliance with the current pact in May was 87%, according to two OPEC+ sources. Uncompliant countries such as Iraq, along with Kazakhstan will present their cut and compensation plans in the OPEC+ ministerial committee.
