Business

OPEC and partners deliver 109 percent of pledged oil cuts in July – statement

Isaac UmunnaComment(0)

OPEC and its partners delivered 109 percent of pledged oil supply curbs in July, OPEC said in a statement on Thursday, confirming figures reported on Monday by Reuters. The OPEC and non-OPEC JMMC committee expressed its satisfaction with recent oil market fundamentals showing a good balance between supply and demand, considering seasonal factors, the statement said.

The next meeting of the JMMC on Sept. 23 in Algeria will review the plan for monitoring market fundamentals and conformity for the rest of 2018, as well as the framework of cooperation to be established in 2019 and beyond. Yahoo

Pix: OPEC headquarters, Geneva

 

Isaac Umunna

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