OPEC+ technical experts made no recommendation on further extending a record oil supply cut in talks June 17 and decided to focus on compliance of laggards in the deal ahead of ministerial talks June 18, OPEC+ sources said.
OPEC and allies, known as OPEC+, agreed to a record supply cut that started May 1 to support prices and demand hit by the coronavirus crisis.
This week’s meetings are part of an OPEC+ effort to review the impact of the cut and hear from countries yet to deliver their share in full, such as Iraq, on how they plan to comply.
“It is going well,” a source said of the June 17 meeting, which is being held virtually.
Iraq and Kazakhstan are expected to present their plans for production cuts and compensation for overproduction to a meeting by OPEC+ ministerial committee, known as the JMMC, on June 18, one of the OPEC+ sources said.
OPEC+ compliance with the existing crude production cuts in May was 87%, two OPEC+ sources said June 17.
The supply pact involves OPEC+ cutting output by 9.7 MMbbl/d in May and June. The group agreed on June 6 to extend the cut for another month, a decision OPEC said earlier on June 17 the market had taken well.
Recommended Reading
Industry Consolidation Reshapes List of Top 100 Private Producers in the Lower 48
2024-06-24 - Public-private M&A brings new players to top slots in private operators list.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
Crescent Energy: Bigger Uinta Frac Now Making 60% More Boe
2024-05-10 - Crescent Energy also reported companywide growth in D&C speeds, while well costs have declined 10%.
Utica Oil: Encino Energy’s Liquids Wells Top the Charts in Ohio
2024-06-11 - Encino Energy’s first-quarter wells took the top five spots in Ohio as the company’s liquids output accounted for more than half of the state’s 7.23 MMbbl first-quarter total.
Vista to Import New Fracking Set to Boost Production at Argentina's Vaca Muerta
2024-06-11 - Vista Energy will import a new fracking set in the Vaca Muerta and sealed an agreement with SLB for the new equipment.