OPEC+ meets to review compliance with oil cuts

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

Fox Business Flash top headlines for August 18

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.

Continue Reading Below

GET FOX BUSINESS ON THE GO BY CLICKING HERE

OPEC+ is unlikely to change its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record high 9.7 million bpd up until this month, according to OPEC+ sources.

They said the meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan.

Compliance with the cuts was seen at 95% to 97% in July, according to OPEC+ sources and a draft report seen by Reuters on Monday.

US APPROVES OIL, GAS LEASING PLAN FOR ALASKA WILDLIFE REFUGE

That 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 previous months, according to a Reuters survey and other assessments.

Saudi Arabia's King Salman bin Abdulaziz spoke to Nigerian President Muhammadu Buhari on Wednesday and stressed the importance of compliance by all participants, Saudi state news agency SPA reported.

CLICK HERE TO READ MORE ON FOX BUSINESS

Brent crude has been trading near a 5-month high above $45 a barrel and has more than doubled since hitting a 21-year low below $16 in April, helped in part by the OPEC+ deal.

(Writing by Dmitry Zhdannikov; editing by Jason Neely)

Source: Read Full Article