OPEC Meeting

dan_s · Post by **dan_s** » Wed Aug 09, 2017 9:45 am

From Reuters: https://www.reuters.com/article/us-opec ... SKBN1AO171

OPEC expects laggards to comply more fully with oil cut pact.

OPEC expects greater adherence to its pact with non-OPEC producers to cut oil output after two days of meetings in Abu Dhabi aimed at boosting compliance with the accord. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) until March 2018 to get rid of a glut and support prices. OPEC producers Iraq and the UAE have shown relatively low compliance with the deal based on figures from secondary sources OPEC uses to monitor its supply. Meanwhile, non-OPEC Kazakhstan and Malaysia have been boosting output in the last few months, according to the International Energy Agency. In Abu Dhabi, a panel comprising Russia, Kuwait and Saudi Arabia, plus officials from OPEC's Vienna headquarters, met individually with officials from Iraq, the United Arab Emirates, Kazakhstan and Malaysia.