Panel of OPEC+ stresses the need to fully comply with oil production limits

OPEC released a statement saying that an OPEC+ panel at a Wednesday meeting stressed the importance of full compliance with oil production agreements, and additional output cuts some members must make to compensate for exceeding quotas earlier.

Around 1230 GMT, the online meeting of the Joint Ministerial Monitoring Committee began. It included top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia.

JMMC has the right to call additional meetings, or even request a meeting of OPEC+ as a whole if necessary. The JMMC does not have the authority to make decisions about OPEC+'s production levels.

OPEC+ reversed its strategy in April of cutting output and has already increased quotas to more than 2,500,000 barrels per day or 2.4% of the world's demand to increase market share. This was done to respond to pressure from U.S. president Donald Trump, who wanted to lower oil prices.

Sources familiar with the discussions expect that eight OPEC+ nations will meet separately on Sunday to discuss a possible increase in oil production for November.

Tuesday

. (Reporting and editing by Jane Merriman, Nick Zieminski and Alex Lawler)

(source: Reuters)