Crude oil producers slashed July output by 9%

Crude oil producers slashed July output by 9%

An OPEC and non-OPEC monitoring committee has discovered that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than was required in their pact, two sources familiar with the matter said on Monday.

The findings for last month compare with a compliance level of 120 percent for June and 147 percent for May, meaning participants have been steadily increasing production.

The Organization of the Petroleum Exporting Countries and other producers led by Russia pledged on June 22-23 to return to 100 percent compliance with agreed cuts of 1.8 million barrels per day, a pact that began in January 2017.

Producers had for months been cutting in excess of the agreed amount, driven by output declines in places such as Venezuela, Nigeria and Libya.

The committee, which held a conference call on Monday, groups representatives from Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.

Agency Report

..