OPEC+ for compliance with output deals
Ministers from the Joint Ministerial Monitoring Committee (JMMC), which includes top energy ministers from the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, convened online for brief talks. The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary.
"The committee reiterated the critical importance of achieving full conformity and compensation," OPEC said in a statement after the meeting. Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction.
The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18.
Meanwhile, oil prices rose 2% on Monday after a trade deal between the US and the EU, and President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions.
Brent crude futures were up $1.42, or 2.1%, at $69.86 a barrel by 1658 GMT, while US WTI crude rose $1.40, or 2.2%, to $66.56. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over Ukraine to 10-12 days.
OPEC, in a post on X on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions".
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