OPEC holds second day of compliance talks, to issue statement: sources

9 Aug 2017   OPEC

OPEC and non-OPEC officials were holding a second day of meetings in Abu Dhabi to discuss ways to boost compliance with their oil output-cutting pact, sources familiar with the talks said. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting production by about 1.8 million barrels per day (bpd) until March 2018 to get rid of a glut and support prices. In Abu Dhabi, a panel comprising Russia, Kuwait and Saudi Arabia, plus officials from OPEC’s Vienna headquarters, has met individually with officials from Iraq, the United Arab Emirates, Kazakhstan and Malaysia, one of the sources said. A statement on the compliance-boosting effort is being drafted and will probably be issued after the meeting concludes on Tuesday, two sources said. Major OPEC producers Iraq and the UAE have shown relatively low compliance with the deal based on figures OPEC uses to monitor […]

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