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OPEC+ compliance with oil production cuts in October seen at 101%

OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Tuesday

Topics
OPEC | OIL supply | Opec oil cuts

Reuters  |  LONDON/DUBAI 

OPEC
Photo: Bloomberg

LONDON/DUBAI (Reuters) - The compliance of OPEC+ with cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact.

The compliance assessment will be reviewed and confirmed by a meeting of the OPEC+ Joint Technical Committee on Monday, one of the sources said.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, are scheduled to increase output by 2 million barrels per day from January, but are considering adjusting the deal to further support the market.

OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Tuesday.

 

(Reporting by Rania el Gamal, Ahmad Ghaddar and Alex Lawler; writing by Maher Chmaytelli. Editing by Jane Merriman and David Evans)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, November 13 2020. 20:21 IST
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