OPEC Meets Next Week To ‘Fix’ Compliance Problem "Kuwait’s Oil Minister Essam al-Marzouq has delivered an anticlimactic statement regarding the upcoming OPEC ministerial meeting in St. Petersburg: the ministers will discuss compliance levels with the November oil output cut deal.
The meeting, to involve the relevant ministers from all OPEC members and non-OPEC producers that signed up for the production cut last year, fueled expectations that the cartel and its partners in the deal may consider deeper cuts, seeing as the current level of output reduction has not been particularly effective in supporting international oil prices in any consistent way.
However, Al-Marzouq told Kuwait’s news agency KUNA that the ministers will meet on Saturday to review the latest monthly report compiled by the technical committee set up to track compliance among OPEC members and their partners. Also, he said, the committee will discuss on Sunday and Monday an OPEC report concerning the global oil markets in June.
Perhaps the only suggestion that the meeting might discuss a change in strategy was that, as KUNA quoted the minister as saying, the ministers will look into “more relevant suggestions by member states.”
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