Released June 22, 2020 | Manila
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The Joint Ministerial Monitoring Committee (JMMC), the panel that advises OPEC+, met on June 18 to press countries such as Iraq and Kazakhstan to improve their compliance with the organization's requirements to cut oil production, and left the issue open for extending or easing record reductions from August, according to news accounts. To mitigate last month's overproduction, both Iraq and Kazakhstan presented a plan to compensate from July through September.
On July 15, OPEC and its OPEC+ allies will have a pivotal meeting to discuss and agree on the next level of oil production cuts, with the objective of supporting oil prices that were hard hit by the COVID-19 pandemic. At current levels, oil prices are recovering slowly, mainly due to stronger demand, as governments cautiously ease lockdowns and refineries raise run rates.
On July 15, OPEC and its OPEC+ allies will have a pivotal meeting to discuss and agree on the next level of oil production cuts, with the objective of supporting oil prices that were hard hit by the COVID-19 pandemic. At current levels, oil prices are recovering slowly, mainly due to stronger demand, as governments cautiously ease lockdowns and refineries raise run rates.
